Exhibit 11
                       AIRGAS, INC. AND SUBSIDIARIES
                      EARNINGS PER SHARE CALCULATIONS
             For the Years Ended March 31, 1999, 1998 and 1997



                                             Years Ended March 31,
                                          1999          1998          1997
                                                           

Weighted Average Shares Outstanding:

Basic shares outstanding                70,000,000    68,700,000    65,900,000

Net common stock equivalents             1,700,000     2,100,000     2,700,000

Diluted shares outstanding              71,700,000    70,800,000    68,600,000


Net earnings                           $51,924,000   $40,540,000   $23,266,000

Basic earnings per share               $       .74   $       .59   $       .35

Diluted earnings per share             $       .72   $       .57   $       .34