A.S.V., INC. AND SUBSIDIARY
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED MARCH 31,
2002 2001
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BASIC
Earnings
Net earnings (loss) $ (365,581) $ 203,970
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Shares
Weighted average number of common
shares outstanding 10,194,663 10,209,997
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Earnings (loss) per common share $ (.04) $ .02
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DILUTED
Earnings
Net earnings (loss) $ (365,581) $ 203,970
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Shares
Weighted average number of common
shares outstanding 10,194,663 10,209,997
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 - 106,372
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Weighted average number of common and
common equivalent shares outstanding 10,194,663 10,316,369
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Earnings (loss) per common share $ (.04) $ .02
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