. . . EXHIBIT 11 A.S.V., INC. EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE Three Months Ended Six Months Ended June 30, June 30, ---------------------------- ---------------------------- BASIC 2004 2003 2004 2003 ----------- ----------- ----------- ----------- Earnings Net earnings $ 4,182,196 $ 2,285,418 $ 7,777,229 $ 3,053,001 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding 12,632,363 10,089,161 12,548,440 10,076,531 =========== =========== =========== =========== Basic earnings per common share $ .33 $ .23 $ .62 $ .30 =========== =========== =========== =========== DILUTED Earnings Net earnings $ 4,182,196 $ 2,285,418 $ 7,777,229 $ 3,053,001 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding 12,632,363 10,089,161 12,548,440 10,076,531 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 478,460 343,500 860,274 196,616 ----------- ----------- ----------- ----------- Weighted average number of common and common equivalent shares outstanding 13,110,823 10,432,661 13,408,714 10,273,147 =========== =========== =========== =========== Diluted earnings per common share $ .32 $ .22 $ .58 $ .30 =========== =========== =========== =========== 20