A.S.V., INC. AND SUBSIDIARY EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE Three Months Ended Six Months Ended BASIC 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Earnings Net income $ 927,079 $ 464,893 $1,718,917 $ 780,435 ========== ========== ========== ========== Shares Weighted average number of common shares outstanding 7,538,225 7,247,650 7,533,479 7,243,624 ========== ========== ========== ========== Basic earnings per common share $ .12 $ .06 $ .23 $ .11 ========== ========== ========== ========== DILUTED Earnings Net income $ 927,079 $ 464,893 $1,718,917 $ 780,435 Add after-tax interest expense applicable to 6.5% convertible debentures 50,781 50,375 101,562 100,750 ---------- ---------- ---------- ---------- Net income applicable to common stock $ 977,860 $ 515,268 $1,820,479 $ 881,185 ========== ========== ========== ========== Shares Weighted average number of common shares outstanding 7,538,225 7,247,650 7,533,479 7,243,624 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 811,702 835,432 759,916 856,658 Assuming conversion of 6.5% convertible debentures 681,818 681,818 681,818 681,818 ---------- ---------- ---------- ---------- Weighted average number of common and common equivalent shares outstanding 9,031,745 8,764,900 8,975,213 8,782,100 ========== ========== ========== ========== Diluted earnings per common share $ .11 $ .06 $ .20 $ .10 ========== ========== ========== ==========