Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Lodge Terry L
   2. Issuer Name and Ticker or Trading Symbol
AIRGAS INC [ARG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Division President-Central
(Last)
(First)
(Middle)
C/O AIRGAS, INC., 259 N. RADNOR-CHESTER ROAD, SUITE 100		 3. Date of Earliest Transaction (Month/Day/Year)
03/22/2012
(Street)

RADNOR, PA 19087		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/22/2012   M   400 A $ 16.9 812 (1) D  
Common Stock 03/22/2012   S   200 D $ 85.07 612 (1) D  
Common Stock 03/22/2012   S   200 D $ 85.09 412 (1) D  
Common Stock               1,016 (2) I By 401(k) Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 16.9 03/22/2012   M     400   (3) 05/06/2012 Common Stock 400 (4) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Lodge Terry L
C/O AIRGAS, INC.
259 N. RADNOR-CHESTER ROAD, SUITE 100
RADNOR, PA 19087		       Division President-Central  

Signatures

 Robert H. Young, Jr., Attorney-In-Fact for Terry L. Lodge   03/23/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 412 shares of Airgas, Inc. common stock acquired pursuant to Airgas, Inc.'s Employee Stock Purchase Plan ("ESPP") as of 3/22/2012, the date of the latest available statement of the reporting person's ESPP holdings. Since 11/14/2011, the date of the statement relied upon for the amount reported on the reporting person's 11/30/2011 Form 3, a total of 99 ESPP shares have been acquired in transactions exempt from Section 16(b).
(2) The information presented is as of 3/22/2012, the date of the latest available statment of the reporting person's holdings of Airgas, Inc. common stock in his 401(k) plan. Since 11/14/2011, the date of the statement relied upon for the amount reported on the reporting person's 11/30/2011 Form 3, a total of 22 shares have been acquired in transactions exempt from Section 16(b).
(3) These options became exercisable in 25% equal increments on each of 8/7/2008, 8/7/2009, 8/7/2010 and 8/7/2011.
(4) Not Applicable.

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