A.S.V., INC. EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE <Table> <Caption> Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------ BASIC 2002 2001 2002 2001 ----------- ----------- ----------- ----------- Earnings Net earnings .................................. $ 526,610 $ 92,882 $ 1,174,532 $ 387,626 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding .......................... 10,176,714 10,224,760 10,183,965 10,215,205 =========== =========== =========== =========== Basic earnings per common share ................. $ .05 $ .01 $ .12 $ .04 =========== =========== =========== =========== DILUTED Earnings Net earnings .................................. $ 526,610 $ 92,882 $ 1,174,532 $ 387,626 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding .......................... 10,176,714 10,224,760 10,183,965 10,215,205 Assuming exercise of options and warrants reduced by the number of shares which could have been purchased with the proceeds from the exercise of such options and warrants ... 76,633 220,538 64,325 151,281 ----------- ----------- ----------- ----------- Weighted average number of common and common equivalent shares outstanding ........ 10,253,347 10,445,298 10,248,290 10,366,486 =========== =========== =========== =========== Diluted earnings per common share ............... $ .05 $ .01 $ .11 $ .04 =========== =========== =========== =========== </Table> Options and warrants to purchase 11,287,376 and 10,321,252 shares of common stock with a weighted average exercise price of $20.06 and $20.83, were outstanding at September 30, 2002 and 2001, but were excluded from the computation of common share equivalents because they were anti-dilutive.