EXHIBIT 11

                               AIRGAS, INC.

                      EARNINGS PER SHARE CALCULATIONS


                                          Three Months Ended         Six Months Ended
                                            September 30,              September 30,
(In thousands, except per share amounts)  1999        1998           1999        1998
                                                                     
Weighted Average Shares Outstanding:

Basic shares outstanding                  69,700      70,000         69,800      70,100

Stock options - incremental shares         1,300       1,600          1,200       1,600

Contingently issuable shares                 200         100            200         100

Diluted shares outstanding                71,200      71,700         71,200      71,800

Net earnings                             $18,912     $10,480        $27,997     $21,755

Basic earnings per share                 $   .27     $   .15        $   .40     $   .31

Diluted earnings per share               $   .27     $   .15        $   .39     $   .30