Exhibit 12

AIRGAS, INC.

COMPUTATION OF FINANCIAL RATIOS

(In thousands, except ratios)

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