Exhibit 12

AIRGAS, INC.

COMPUTATION OF FINANCIAL RATIOS

(In thousands, except ratios)

Ratio of Earnings to Fixed Charges	2003			2004			2005			2006			2007
EARNINGS COMPUTATION:
Add:
Pretax income from continuing operations before equity earnings and minority interest	$	108,768		$	124,395		$	147,627		$	208,037		$	257,144
Fixed charges		68,767			66,848			83,139			92,553			104,998
Distributed income of unconsolidated Affiliate		943			724			—			—			—
	$	178,478		$	191,967		$	230,766		$	300,590		$	362,142
Subtract:
Preferred dividend requirements of consolidated affiliate		—			(1,151	)		(4,626	)		(4,589	)		(4,589	)
Earnings for purposes of computation	$	178,478		$	190,816		$	226,140		$	296,001		$	357,553
FIXED CHARGES COMPUTATION:
Interest expense (1)	$	50,639		$	46,340		$	57,547		$	65,110		$	75,725
Estimate of the interest component of rent expense		18,128			19,357			20,966			22,854			24,684
Preferred dividend requirements of consolidated affiliate		—			1,151			4,626			4,589			4,589
Fixed charges for purposes of computation	$	68,767		$	66,848		$	83,139		$	92,553		$	104,998
RATIO OF EARNINGS TO FIXED CHARGES		2.60	X		2.85	X		2.72	X		3.20	X		3.41	X

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