A.S.V., INC. AND SUBSIDIARY EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31, 1998 AND 1997 1998 1997 ---------- ---------- BASIC Earnings Net income $ 791,838 $ 315,542 ========== ========== Shares Weighted average number of common shares outstanding 5,019,156 4,826,398 ========== ========== Earnings per common share $ .16 $ .07 ========== ========== DILUTED Earnings Net income $ 791,838 $ 315,542 Add after tax interest expense applicable to 6.5% convertible debentures 51,187 50,374 ---------- ---------- Net income applicable to common stock $ 843,025 $ 365,916 ========== ========== Shares Weighted average number of common shares outstanding 5,019,156 4,826,398 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 472,087 585,257 Assuming conversion of 6.5% convertible debentures 454,545 454,545 ---------- ---------- Weighted average number of common and common equivalent shares outstanding 5,945,788 5,866,200 ========== ========== Earnings per common share $ .14 $ .06 ========== ==========