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