18


                                  EXHIBIT 11

                                 AIRGAS, INC.

                        EARNINGS PER SHARE CALCULATIONS


                                   Three Months Ended           
                                        June 30,                
                                   1995           1994                       
                                   ____           ____        
                                                                    
Adjustment of Weighted Average 
Shares Outstanding:

Shares of common stock 
outstanding
- weighted                       30,945,000  31,121,000                        
   
Net common stock equivalents      1,631,000   1,698,000                        
                                 __________  __________
 Adjusted shares outstanding     32,576,000  32,819,000                        
                                 ==========  ==========   

Net earnings                    $ 9,454,000 $ 6,789,000  
                                 ==========  ==========   

Primary and fully diluted
 Earnings Per Share             $       .29 $       .21                        
                                 ==========  ==========   

   
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.