EX-168 Exhibit 11 AIRGAS, INC. AND SUBSIDIARIES EARNINGS PER SHARE CALCULATIONS For the Years Ended March 31, 1996, 1995 and 1994 Years Ended March 31, ____________________________________________ 1997 1996 1995 Primary/ Primary/ Primary/ Fully Fully Fully Diluted Diluted Diluted _______ _______ _______ Adjustments of Shares Outstanding _________________________________ Shares of common stock outstanding-weighted 65,875,000 62,820,000 62,148,000 Net common stock equivalents 2,765,000 3,395,000 3,377,000 __________ __________ __________ Adjusted shares outstanding 68,640,000 66,215,000 65,525,000 ========== ========== ========== Actual Net Earnings ___________________ Actual net earnings $23,266,000 $39,720,000 $31,479,000 =========== ========== ========== Net Earnings Per Share $ .34 $ .60 $ .48 ========== ========== ========== Earnings per share amounts for 1997, 1996 and 1995 were determined using the treasury stock method. </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-21 <SEQUENCE>5 <DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT <TEXT> EX-169 Exhibit 21 AIRGAS, INC. AND SUBSIDIARIES Airgas Beverage Service, Inc. Airgas Beverage Systems Inc. Airgas Breathing Air Systems, Inc. Airgas Canada, Inc. Airgas Carbonic Enterprises, Inc. Airgas Carbonic Industries, Inc. Airgas Carbonic West, Inc. Airgas Direct Industrial, Inc. Airgas Houston, Inc. Airgas International, Inc. Airgas Management, Inc. Airgas Management (India) Pvt. Ltd. Airgas New England Real Estate, Inc. Airgas Northeast, Inc. Airgas Ontario, Inc. Airgas Realty, Inc. Airgas Safety, Inc. Airgas (Singapore) Pte Ltd. Airgas Specialty Gases, Inc. Airgas Texas, Inc. American Carbide and Carbon Corporation ATNL, Inc. Bay Airgas, Inc. Bhoruka Gases Ltd Cascade Airgas, Inc. Central States Airgas, Inc. Cylinder Leasing Corp. Delta Airgas, Inc. Elkem American Carbide Company (Joint Venture) Empire Airgas, Inc. Forair, Inc. Gateway Airgas, Inc. G.S. Parsons, Co. Great Lakes Airgas, Inc. Great Western Airgas, Inc. Gulf States Airgas, Inc. Industrial Gases of Wichita, Inc. Kaamool Airgas, Ltd Keystone Airgas, Inc. Mauritius Industrial Gases, Inc. Michigan Airgas, Inc. Mid America Airgas, Inc. Mountain Airgas, Inc. Mountain States Airgas, Inc. National Welders Supply Co., Inc. (Joint Venture) NEJD Pipeline Co., Inc. Nitrous Oxide Corp. Northern Gases, Inc. Pacific Airgas, Inc. Polaska Airgas SP. Zo.o.. Poligaz, S.A. Post Airgas, Inc. Potomac Airgas, Inc. Red-D-Arc, Inc. Red-D-Arc Limited Rutland Tool & Supply Co, Inc. Sierra Airgas, Inc. Soda Leasing, Inc. Sooner Airgas, Inc. Southeast Airgas, Inc. EX-170 Southern California Airgas, Inc. Southwest Airgas, Inc. Trinity Airgas, Inc. TriState Airgas, Inc. U.S. Airgas, Inc. Westwind Company