A.S.V., Inc. and Subsidiary Exhibit 11 - Computation of Earnings per Share Three Months Ended March 31, 2001 2000 ------------- ------------ Basic Earnings Net earnings $ 203,970 $ 416,761 ============= ============ Shares Weighted average number of common shares outstanding 10,209,997 9,688,861 ============= ============ Earnings per common share $ .02 $ .04 ============= ============ Diluted Earnings Net earnings $ 203,970 $ 416,761 ============= ============ Shares Weighted average number of common shares outstanding 10,209,997 9,688,861 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 106,372 266,179 ------------- ------------ Weighted average number of common and common equivalent shares outstanding 10,316,369 9,955,040 ============= ============ Earnings per common share $ .02 $ .04 ============= ============