EX-11 5 w89243exv11.htm CALCULATION OF EARNINGS PER SHARE exv11
 

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EXHIBIT 11

AIRGAS, INC.

EARNINGS PER SHARE CALCULATIONS

                   
      Three Months Ended
      June 30,
    2003   2002
(In thousands, except per share amounts)  
 
Weighted Average Shares Outstanding:
                
 
Basic shares outstanding
     71,900       69,900  
 
Stock options and warrants – incremental shares
     2,000       2,100  
 
    
     
 
 
Diluted shares outstanding
     73,900       72,000  
 
    
     
 
Net earnings
   $ 18,528     $ 14,044  
 
    
     
 
Basic earnings per share
   $ .26     $ .20  
 
    
     
 
Diluted earnings per share
   $ .25     $ .20