A.S.V., Inc. and Subsidiary
Exhibit 11 - Computation of Earnings per Share
Years Ended December 31, 2000, 1999 and 1998
2000 1999 1998
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Basic
Earnings
Net earnings $1,450,909 $1,412,053 $3,366,055
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Shares
Weighted average number of common
shares outstanding 9,782,919 9,586,032 7,764,504
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Earnings per common share $ .15 $ .15 $ .43
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Diluted
Earnings
Net earnings $1,450,909 $1,412,053 $3,366,055
Add after tax interest expense applicable
to 6.5% convertible debentures - - 233,188
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Net income applicable to common stock $1,450,909 $1,412,053 $3,599,243
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Shares
Weighted average number of common
shares outstanding 9,782,919 9,586,032 7,764,504
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 183,742 355,584 647,012
Assuming conversion of 6.5% convertible
debentures - - 603,997
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Weighted average number of common and
common equivalent shares outstanding 9,966,661 9,941,616 9,015,513
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Earnings per common share $ .15 $ .14 $ .40
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