A.S.V., Inc. Exhibit 11 - Computation of Earnings per Share Three Months Ended Six Months Ended June 30, June 30, ------------------------ ------------------------- 2000 1999 2000 1999 ---- ---- ---- ---- Basic Earnings Net earnings $ 599,308 $ 688,695 $ 1,016,069 $ 1,337,642 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding 9,698,837 9,662,264 9,693,849 9,488,210 =========== =========== =========== =========== Basic earnings per common share $ .06 $ .07 $ .10 $ .14 =========== =========== =========== =========== Diluted Earnings Net earnings $ 599,308 $ 688,695 $ 1,016,069 $ 1,337,642 =========== =========== =========== =========== Shares Weighted average number of common shares outstanding 9,698,837 9,662,264 9,693,849 9,488,210 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 177,030 419,398 221,604 392,565 ----------- ----------- ----------- ----------- Weighted average number of common and common equivalent shares outstanding 9,875,867 10,081,662 9,915,453 9,880,775 =========== =========== =========== =========== Diluted earnings per common share $ .06 $ .07 $ .10 $ .14 =========== =========== =========== ===========