Exhibit 12

AIRGAS, INC.

COMPUTATION OF FINANCIAL RATIOS

(In thousands, except ratios)

Ratio of Earnings to Fixed Charges	2004			2005			2006			2007			2008
EARNINGS COMPUTATION:
Add:
Pretax income from continuing operations before equity earnings and minority interest	$	124,395		$	147,627		$	208,037		$	257,144		$	370,762
Fixed charges		66,848			83,139			92,553			104,998			142,000
Distributed income of unconsolidated Affiliate		724			—			—			—			—
	$	191,967		$	230,766		$	300,590		$	362,142		$	512,762
Subtract:
Preferred dividend requirements of consolidated affiliate		(1,151	)		(4,626	)		(4,589	)		(4,589	)		(1,147	)
Earnings for purposes of computation	$	190,816		$	226,140		$	296,001		$	357,553		$	511,615
FIXED CHARGES COMPUTATION:
Interest expense (1)	$	46,340		$	57,547		$	65,110		$	75,725		$	111,262
Estimate of the interest component of rent expense		19,357			20,966			22,854			24,684			29,591
Preferred dividend requirements of consolidated affiliate (2)		1,151			4,626			4,589			4,589			1,147
Fixed charges for purposes of computation	$	66,848		$	83,139		$	92,553		$	104,998		$	142,000
RATIO OF EARNINGS TO FIXED CHARGES		2.85	X		2.72	X		3.20	X		3.41	X		3.60	X

(1)	includes 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.