EX-1 Exhibit 11 AIRGAS, INC. AND SUBSIDIARIES EARNINGS PER SHARE CALCULATIONS For the Years Ended March 31, 1996, 1995 and 1994 Years Ended March 31, ____________________________________________ 1996 1995 1994 Primary/ Primary/ Primary/ Fully Fully Fully Diluted Diluted Diluted _______ _______ _______ Adjustments of Shares Outstanding _________________________________ Shares of common stock outstanding-weighted 62,819,908 62,147,928 61,348,146 Net common stock equivalents 3,394,640 3,376,920 3,431,422 __________ __________ __________ Adjusted shares outstanding 66,214,548 65,524,848 64,779,568 ========== ========== ========== Actual Net Earnings ___________________ Actual net earnings $39,720,000 $31,479,000 $20,290,000 ========== ========== ========== Net Earnings Per Share $ .60 $ .48 $ .31 ========== ========== ========== Earnings per share amounts for 1996, 1995 and 1994 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 Canada Limited Airgas Houston Airgas International, Inc. Airgas Management, Inc. Airgas New England Real Estate, Inc. Airgas Ontario, Inc. Airgas Realty, Inc. Airgas Safety, Inc. Airgas Texas, Inc. (d/b/a WECO) American Carbide and Carbon Corporation (d/b/a Midwest Carbide) Bay Airgas, Inc. Cascade Airgas, Inc. Connecticut Airgas, Inc. Cryodyne Technologies, Inc. Cylinder Leasing Corp. Delta Airgas, Inc. Empire Airgas, Inc. Florida Airgas,Inc. Gateway 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. Bhoruka Gases, Limited Michigan Airgas, Inc. ATNL, Inc. Mid America Airgas, Inc. Mid America Airgas Holdings Midwest Airgas, Inc. (includes Central States and Midstates Airgas reporting entities) 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. Red-D-Arc Limited Red-D-Arc, Inc. Sierra Airgas, Inc. Sooner Airgas, Inc. Southeast Airgas, Inc. Southern California Airgas, Inc. Specialty Products and Equipment, Inc. Trinity Airgas, Inc. TriStates Airgas, Inc. (d/b/a Randall-Graw) U.S. Airgas, Inc. Westwind Company Virginia Welding Supply Airgas Polska, SP.ZO.O. Poligaz, S.A.