20 EXHIBIT 11 AIRGAS, INC. EARNINGS PER SHARE CALCULATIONS Three Months Ended Nine Months Ended December 31, December 31, 1994 1993 1994 1993 ____ ____ ____ ____ Adjustment of Weighted Average Shares Outstanding: Shares of common stock outstanding - - weighted 31,346,559 30,731,709 31,283,009 30,945,311 Net common stock equivalents 1,700,825 1,736,628 1,707,808 1,689,324 __________ __________ __________ __________ Adjusted shares outstanding 33,047,384 32,468,337 32,990,817 32,634,635 ========== ========== ========== ========== Net earnings $ 7,790,000 $ 5,055,000 $22,039,000 $13,880,000 ========== ========== ========== ========== Primary Earnings Per Share $ .24 $ .16 $ .67 $ .43 ========== ========== ========== ========== Earnings per share amounts were determined using the treasury stock method. This method assumes the exercise of all dilutive outstanding options and warrants and the use of the aggregate proceeds therefrom to acquire the Company's outstanding common stock. Net earnings were divided by the weighted average number of shares outstanding adjusted for the assumed exercise of the options and warrants outstanding and repurchase of common stock to calculate per share amounts.