. . . A.S.V., INC. EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE Three Months Ended Nine Months Ended September 30, September 30, ------------------------- ------------------------- 2004 2003 2004 2003 ----------- ----------- ----------- ----------- BASIC Earnings Net earnings $ 4,429,859 $ 3,079,443 $12,207,088 $ 6,132,444 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding 12,637,502 10,152,916 12,578,128 10,101,992 =========== =========== =========== =========== Basic earnings per common share $ .35 $ .30 $ .97 $ .61 =========== =========== =========== =========== DILUTED Earnings Net earnings $ 4,429,859 $ 3,079,443 $12,207,088 $ 6,132,444 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding 12,637,502 10,152,916 12,578,128 10,101,992 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 467,521 590,934 729,356 328,056 ----------- ----------- ----------- ----------- Weighted average number of common and common equivalent shares outstanding 13,105,023 10,743,850 13,307,484 10,430,048 =========== =========== =========== =========== Diluted earnings per common share $ .34 $ .29 $ .92 $ .59 =========== =========== =========== =========== 21