A.S.V., Inc. and Subsidiary Exhibit 11 - Computation of Earnings per Share Three Months Ended March 31, 2000 and 1999 2000 1999 ---------- ---------- Basic Earnings Net earnings ................................ $ 416,761 $ 648,947 ========== ========== Shares Weighted average number of common shares outstanding ........................ 9,688,861 9,314,156 ========== ========== Earnings per common share ..................... $ .04 $ .07 ========== ========== Diluted Earnings Net earnings ................................ $ 416,761 $ 648,947 ========== ========== Shares Weighted average number of common shares outstanding ........................ 9,688,861 9,314,156 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 . 266,179 365,733 ---------- ---------- Weighted average number of common and common equivalent shares outstanding ...... 9,955,040 9,679,889 ========== ========== Earnings per common share ..................... $ .04 $ .07 ========== ==========