EXHIBIT 11

AIRGAS, INC.

EARNINGS PER SHARE CALCULATIONS

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands, except per share amounts)	2004		2003		2004		2003
Weighted Average Shares Outstanding:
Basic shares outstanding		75,200		73,000		74,700		72,500
Stock options and warrants – incremental shares		2,200		1,900		2,000		1,900
Diluted shares outstanding		77,400		74,900		76,700		74,400
Net earnings	$	22,973	$	20,891	$	67,866	$	58,532
Basic earnings per share	$	0.31	$	0.29	$	0.91	$	0.81
Diluted earnings per share	$	0.30	$	0.28	$	0.88	$	0.79