. . . A.S.V., INC. AND SUBSIDIARY EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31, 2003 2002 ------------------ ------------------ BASIC Earnings Net earnings (loss) $ 767,583 $ (365,581) ================== ================== Shares Weighted average number of common shares outstanding 10,063,901 10,194,663 ================== ================== Earnings (loss) per common share $ .08 $ (.04) ================== ================== DILUTED Earnings Net earnings (loss) $ 767,583 $ (365,581) ================== ================== Shares Weighted average number of common shares outstanding 10,063,901 10,194,663 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 49,733 - ------------------ ------------------ Weighted average number of common and common equivalent shares outstanding 10,113,634 10,194,663 ================== ================== Earnings (loss) per common share $ .08 $ (.04) ================== ==================