EXHIBIT 11

AIRGAS, INC.

EARNINGS PER SHARE CALCULATIONS

		Three Months Ended				Nine Months Ended
		December 31,				December 31,
(In thousands, except per share amounts)		2003		2002		2003		2002
Weighted Average Shares Outstanding:
	Basic shares outstanding		73,000		70,600		72,500		70,300
	Stock options and warrants – incremental shares		1,900		1,700		1,900		1,800
	Diluted shares outstanding		74,900		72,300		74,400		72,100
Net earnings		$	20,891	$	16,696	$	58,532	$	49,940
Basic earnings per share		$	0.29	$	0.24	$	0.81	$	0.71
Diluted earnings per share		$	0.28	$	0.23	$	0.79	$	0.69