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.
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|(2) | Preferred stock of National Welders was converted to Airgas common stock on July 3, 2007.
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