EX-1 EXHIBIT 11 AIRGAS, INC. EARNINGS PER SHARE CALCULATIONS Three Months Ended Nine Months Ended December 31, December 31, 1995 1994 1995 1994 ____ ____ ____ ____ Adjustment of Weighted Average Shares Outstanding: Shares of common stock outstanding - - weighted 31,622,000 31,347,000 31,272,000 31,283,000 Net common stock equivalents 1,478,000 1,703,000 1,628,000 1,707,000 __________ __________ __________ __________ Adjusted shares outstanding 33,100,000 33,050,000 32,900,000 32,990,000 ========== ========== ========== ========== Net earnings $ 9,817,000 $ 7,790,000 28,606,000 22,039,000 ========== ========== ========== ========== Primary and fully diluted earnings per share $ .30 $ .24 $ .87 $ .67 ========== ========= ========== ========= 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.