Exhibit 12

AIRGAS, INC.

COMPUTATION OF FINANCIAL RATIOS

(In thousands, except ratios)

Ratio of Earnings to Fixed Charges	2006			2007			2008			2009			2010
EARNINGS COMPUTATION:
Add:
Pretax income from continuing operations before equity earnings and minority interest	$	208,037		$	257,144		$	370,762		$	429,353		$	314,100
Fixed charges		92,816			106,727			143,738			133,847			107,843
	$	300,853		$	363,871		$	514,500		$	563,200		$	421,943
Subtract:
Preferred dividend requirements of consolidated affiliate		(4,589	)		(4,589	)		(1,147	)		—			—
Capitalized interest		—			(502	)		(1,647	)		(3,400	)		(2,873	)
Earnings for purposes of computation	$	296,264		$	358,780		$	511,706		$	559,800		$	419,070
FIXED CHARGES COMPUTATION:
Interest (1)	$	64,067		$	76,227		$	110,888		$	101,279		$	74,312
Estimate of the interest component of rent expense		24,160			25,911			31,703			32,568			33,531
Preferred dividend requirements of consolidated affiliates (2)		4,589			4,589			1,147			—			—
Fixed charges for purposes of computation	$	92,816		$	106,727		$	143,738		$	133,847		$	107,843
RATIO OF EARNINGS TO FIXED CHARGES		3.19X			3.36X			3.56X			4.18X			3.89X

⁽¹⁾ Includes interest expense, 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.