. . . A.S.V., INC. EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001 <Table> <Caption> 2003 2002 2001 ------------ ------------ ------------ BASIC Earnings Net earnings $ 8,717,903 $ 1,353,129 $ 755,668 ============ ============ ============ Shares Weighted average number of common shares outstanding 10,218,793 10,170,645 10,215,855 ============ ============ ============ Earnings per common share $ .85 $ .13 $ .07 ============ ============ ============ DILUTED Earnings Net earnings $ 8,717,903 $ 1,353,129 $ 755,668 ============ ============ ============ Shares Weighted average number of common shares outstanding 10,218,793 10,170,645 10,215,855 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 966,890 58,412 136,613 ------------ ------------ ------------ Weighted average number of common and common equivalent shares outstanding 11,185,683 10,229,057 10,352,468 ============ ============ ============ Earnings per common share $ .78 $ .13 $ .07 ============ ============ ============ </Table>