. . . A.S.V., INC. EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE Three Months Ended Six Months Ended June 30, June 30, ------------------------------- ------------------------------- 2003 2002 2003 2002 ---- ---- ---- ---- BASIC Earnings Net earnings $ 2,285,418 $ 1,013,503 $ 3,053,001 $ 647,922 ============= ============= ============= =========== Shares Weighted average number of common shares outstanding 10,089,161 10,180,519 10,076,531 10,187,591 ============= ============= ============= =========== Basic earnings per common share $ .23 $ .10 $ .30 $ .06 ============= ============= ============= =========== DILUTED Earnings Net earnings $ 2,285,418 $ 1,013,503 $ 3,053,001 $ 647,922 ============= ============= ============= =========== Shares Weighted average number of common shares outstanding 10,089,161 10,180,519 10,076,531 10,187,591 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 343,500 116,341 196,616 58,171 ------------- ------------- ------------- ----------- Weighted average number of common and common equivalent shares outstanding 10,432,661 10,296,860 10,273,147 10,245,762 ============= ============= ============= =========== Diluted earnings per common share $ .22 $ .10 $ .30 $ .06 ============= ============= ============= ===========