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EXHIBIT 11
AIRGAS, INC.
EARNINGS PER SHARE CALCULATIONS
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Three Months Ended Six Months Ended
September 30, September 30,
(In thousands, except per share amounts) 2000 1999 2000 1999
<S> <C> <C> <C> <C>
Weighted Average Shares Outstanding:
Basic shares outstanding 65,400 69,700 65,200 69,800
Stock options - incremental shares 400 1,300 400 1,200
Contingently issuable shares 800 200 1,300 200
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Diluted shares outstanding 66,600 71,200 66,900 71,200
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Net earnings $10,403 $18,912 $20,219 $27,997
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Basic earnings per share $ .16 $ .27 $ .31 $ .40
Diluted earnings per share $ .16 $ .27 $ .30 $ .39
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