Exhibit 12

AIRGAS, INC.
COMPUTATION OF FINANCIAL RATIOS
(In thousands, except ratios)

																Three
																Months
																Ended
Ratio of Earnings to Fixed Charges	2005			2006			2007			2008			2009			6/30/09
EARNINGS COMPUTATION:
Add:
Pretax income from continuing operations before equity earnings and minority interest	$	147,627		$	208,037		$	257,144		$	370,762		$	429,353		$	89,132
Fixed charges		83,139			93,205			107,340			144,302			134,433			29,730
	$	230,766		$	301,242		$	364,484		$	515,064		$	563,786		$	118,862
Subtract:
Preferred dividend requirements of consolidated affiliate		(4,626	)		(4,589	)		(4,589	)		(1,147	)		—			—
Capitalized interest		—			—			(502	)		(1,647	)		(3,400	)		(671	)
Earnings for purposes of computation	$	226,140		$	296,653		$	359,393		$	512,270		$	560,386		$	118,191
FIXED CHARGES COMPUTATION:
Interest expense (1).	$	57,547		$	64,067		$	76,227		$	110,888		$	101,279		$	21,337
Estimate of the interest component of rent expense		20,966			24,549			26,524			32,267			33,154		$	8,393
Preferred dividend requirements of consolidated affiliates (2)		4,626			4,589			4,589			1,147			—			—
Fixed charges for purposes of computation	$	83,139		$	93,205		$	107,340		$	144,302		$	134,433		$	29,730
RATIO OF EARNINGS TO FIXED CHARGES		2.72	X		3.18	X		3.35	X		3.55	X		4.17	X		3.98	X

(1)	Includes capitalized interest, amortization of capitalized financing costs and discount on trade receivable securitization.
(2)	Preferred stock of National Welders was converted to Airgas common stock on July 3, 2007.