EXHIBIT 11

AIRGAS, INC.

EARNINGS PER SHARE CALCULATIONS

		Three Months Ended				Six Months Ended
		September 30,				September 30,
(In thousands, except per share amounts)		2003		2002		2003		2002
Weighted Average Shares Outstanding:
	Basic shares outstanding		72,600		70,400		72,200		70,100
	Stock options and warrants – incremental shares		1,800		1,500		1,900		1,900
	Diluted shares outstanding		74,400		71,900		74,100		72,000
Net earnings		$	19,113	$	19,200	$	37,641	$	33,244
Basic earnings per share		$	.26	$	.27	$	.52	$	.47
Diluted earnings per share		$	.26	$	.27	$	.51	$	.46