25 EXHIBIT 11 AIRGAS, INC. EARNINGS PER SHARE CALCULATIONS Three Months Ended Six Months Ended September 30, September 30, 1996 1995 1996 1995 ____ ____ ____ ____ Adjustment of Weighted Average Shares Outstanding: Shares of common stock outstanding - weighted 65,490,000 62,489,000 64,700,000 62,191,000 Add: Net common stock equivalents 3,081,000 2,863,000 3,105,000 3,021,000 Less: Airgas shares held by National Welders Supply - weighted (911,000) -- (455,000) -- __________ __________ __________ __________ Adjusted shares outstanding 67,660,000 65,352,000 67,350,000 65,212,000 ========== ========== ========== ========== Net earnings $11,310,000 $ 9,335,000 22,460,000 18,789,000 ========== ========== ========== ========== Earnings per share $ .17 $ .14 $ .33 $ .29 ========== ========= ========== ========= 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.