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Airgas Reports Fiscal Third Quarter Earnings

Return on Capital

Reconciliations and computations of return on capital:
December 31,

(In thousands)
2012 2011
Operating income - trailing four quarters $ 589,913 $ 526,263
Adjustments to operating income:
Restructuring and other special charges (benefits), net 12,613 18,261
Costs (benefits) related to unsolicited takeover attempt - 10,504
Multi-employer pension plan withdrawal charges   -     4,304  
Adjusted operating income - trailing four quarters $ 602,526   $ 559,332  
Average of total assets $ 5,362,288 $ 5,033,985
Average of current liabilities (exclusive of debt)   (519,787 )   (504,061 )
Average capital employed $ 4,842,501   $ 4,529,924  
Return on capital   12.4 %   12.3 %

The Company believes its return on capital financial measure helps investors assess how effectively it uses the capital invested in its operations. Non-GAAP financial measures should be read in conjunction with GAAP financial measures, as non-GAAP financial measures are merely a supplement to, and not a replacement for, GAAP financial measures. It should be noted as well that the Company’s return on capital financial measure may be different from the return on capital financial measures provided by other companies.

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