A.S.V., INC. AND SUBSIDIARY
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
1997 1996 1995
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BASIC
Earnings
Net income $2,323,557 $ 921,509 $ 439,852
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Shares
Weighted average number of common
shares outstanding 4,910,744 4,787,692 4,741,502
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Earnings per common share $ .47 $ .19 $ .09
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DILUTED
Earnings
Net income $2,323,557 $ 921,509 $ 439,852
Add after tax interest expense applicable
to 6.5% convertible debentures 206,700 49,635 -
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Net income applicable to common stock $2,530,257 $ 971,144 $ 439,852
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Shares
Weighted average number of common
shares outstanding 4,910,744 4,787,692 4,741,502
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 568,478 370,449 222,609
Assuming conversion of 6.5% convertible
debentures 454,545 109,029 -
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Weighted average number of common and
common equivalent shares outstanding 5,933,767 5,267,170 4,964,111
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Earnings per common share $ .43 $ .18 $ .09
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