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Exhibit 11
AIRGAS, INC. AND SUBSIDIARIES
EARNINGS PER SHARE CALCULATIONS
For the Years Ended March 31, 2000, 1999 and 1998
Years Ended March 31,
2000 1999 1998
Weighted Average Share Outstanding:
<S> <C> <C> <C>
Basic shares outstanding 69,200,000 70,000,000 68,700,000
Net common stock equivalents 1,400,000 1,700,000 2,100,000
Diluted shares outstanding 70,600,000 71,700,000 70,800,000
Net earnings $38,283,000 $51,924,000 $40,540,000
Basic earnings per share $ .55 $ .74 $ .59
Diluted earnings per share $ .54 $ .72 $ .57
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