EX-1 Exhibit 11 AIRGAS, INC. AND SUBSIDIARIES EARNINGS PER SHARE CALCULATIONS For the Years Ended March 31, 1995, 1994 and 1993 Years Ended March 31, ____________________________________________ 1995 1994 Primary/ Primary/ 1993 Fully Fully 1993 Fully Diluted Diluted Primary Diluted _______ _______ _______ _______ Adjustments of Shares Outstanding _________________________________ Shares of common stock outstanding-weighted 31,073,964 30,674,073 26,203,678 26,203,678 Net common stock equivalents 1,688,460 1,715,711 4,682,582 5,812,340 __________ __________ __________ __________ Adjusted shares outstanding 32,762,424 32,389,784 30,886,260 32,016,018 ========== ========== ========== ========== Actual Net Earnings ___________________ Actual net earnings $31,479,000 $20,290,000 $12,469,000 $12,469,000 ========== ========== ========== ========== Net Earnings Per Share $ .96 $ .63 $ .40 $ .39 ========== ========== ========== ========== Primary and fully diluted earnings per share amounts for 1995, 1994 and 1993 were determined using the treasury stock method. </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-21 <SEQUENCE>3 <DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT <TEXT> EX-2 Exhibit 21 AIRGAS, INC. AND SUBSIDIARIES Airgas, Inc. (Parent) Airgas Breathing Air Systems, Inc. Airgas Canada, Inc. Airgas Holdings, Inc. Airgas Holdings Canada Limited Airgas Houston Airgas International, Inc. Airgas Management, Inc. Airgas New England Real Estate, Inc. Airgas Ontario, Inc. Airgas Realty, Inc. American Carbide and Carbon Corporation (d/b/a Midwest Carbide) Bay Airgas, Inc. Cascade Airgas, Inc. Cryodyne Technologies, Inc. Cylinder Leasing Corp. Empire Airgas, Inc. Florida Airgas,Inc. Great Lakes Airgas, Inc. Great Western Airgas, Inc. Gulf States Airgas, Inc. Keystone Airgas, Inc. Lone Star Airgas, Inc. Maritius Industrial Gases, Inc. Michigan Airgas, Inc. Mid America Airgas, Inc. Mid America Airgas Holdings Midwest Airgas, Inc. Mountain Airgas, Inc. Nitrous Oxide Corp. Northeast Airgas, Inc. Northern Gases, Inc. Pacific Airgas, Inc. G.S. Parsons Company Post Airgas, Inc. Potomac Airgas, Inc. Sierra Airgas, Inc. Sooner Airgas, Inc. Southeast Airgas, Inc. Southern California Airgas, Inc. Specialty Products and Equipment, Inc. Trinity Airgas U.S. Airgas, Inc. Westwind Company Virginia Welding Supply Airgas Polska SP.ZO.O. Poligaz, S.A.