Exhibit 12

AIRGAS, INC.

COMPUTATION OF FINANCIAL RATIOS

(in thousands, except ratios)

Ratio of Earnings to Fixed Charges	2002		2003		2004			2005			2006
EARNINGS COMPUTATION:
Add:
Pretax income from continuing operations before equity earnings and minority interest	$	79,304	$	108,768	$	124,395		$	147,627		$	208,037
Fixed charges		67,849		68,767		66,848			83,139			92,553
Distributed income of unconsolidated Affiliate		901		943		724			—			—
	$	148,054	$	178,478	$	191,967		$	230,766		$	300,590
Subtract:
Preferred dividend requirements of consolidated affiliate		—		—		(1,151	)		(4,626	)		(4,589	)
Earnings for purposes of computation	$	148,054	$	178,478	$	190,816		$	226,140		$	296,001
FIXED CHARGES COMPUTATION:
Interest expense (1)	$	52,783	$	50,639	$	46,340		$	57,547		$	65,110
Estimate of the interest component of rent expense		15,066		18,128		19,357			20,966			22,854
Preferred dividend requirements of consolidated affiliate		—		—		1,151			4,626			4,589
Fixed charges for purposes of computation	$	67,849	$	68,767	$	66,848		$	83,139		$	92,553
RATIO OF EARNINGS TO FIXED CHARGES		2.18X		2.60X		2.85X			2.72X			3.20X

(1) includes amortization of capitalized financing costs and discount on trade receivable securitization.