EX-1


                                  EXHIBIT 11

                                 AIRGAS, INC.

                        EARNINGS PER SHARE CALCULATIONS


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

Shares of common stock 
outstanding
- - weighted                    31,244,553  31,265,907   31,095,291   31,211,245 

Net common stock equivalents   1,431,132   1,723,175    1,510,391    1,711,251
                              __________  __________   __________   __________
 Adjusted shares outstanding  32,675,685  32,989,082   32,605,682   32,922,496
                              ==========  ==========   ==========   ==========

Net earnings                 $ 9,335,000 $ 7,460,000   18,789,000   14,249,000
                              ==========  ==========   ==========   ==========

Primary and fully diluted 
earnings per share           $       .29 $       .23  $       .58   $      .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.