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.