A.S.V., Inc. and Subsidiary
Exhibit 11 - Computation of Earnings per Share
Years Ended December 31, 1999, 1998 and 1997
1999 1998 1997
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Basic
Earnings
Net income $1,412,053 $3,366,055 $2,323,557
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Shares
Weighted average number of common
shares outstanding 9,586,032 7,764,504 7,366,117
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Earnings per common share $ .15 $ .43 $ . 32
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Diluted
Earnings
Net income $1,412,053 $3,366,055 $2,323,557
Add after tax interest expense applicable
to 6.5% convertible debentures - 233,188 206,700
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Net income applicable to common stock $1,412,053 $3,599,243 $2,530,257
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Shares
Weighted average number of common
shares outstanding 9,586,032 7,764,504 7,366,117
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 355,584 647,012 852,716
Assuming conversion of 6.5% convertible
debentures - 603,997 681,818
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Weighted average number of common and
common equivalent shares outstanding 9,941,616 9,015,513 8,900,651
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Earnings per common share $ .14 $ .40 $ .28
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