EXHIBIT 11
A.S.V., INC. AND SUBSIDIARY
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
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1998 1997 1998 1997
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Basic
Earnings
Net income $1,122,418 $ 541,032 $2,841,335 $1,321,467
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Shares
Weighted average number of common
shares outstanding 7,781,726 7,463,470 7,616,228 7,316,906
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Basic earnings per common share $ .14 $ .07 $ .37 $ .18
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Diluted
Earnings
Net income $1,122,418 $ 541,032 $2,841,335 $1,321,467
Add after-tax interest expense applicable
to 6.5% convertible debentures 50,781 50,375 152,343 151,125
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Net income applicable to common stock $1,173,199 $ 591,407 $2,993,678 $1,472,592
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Shares
Weighted average number of common
shares outstanding 7,781,726 7,463,470 7,616,228 7,316,906
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 621,096 862,735 713,643 858,684
Assuming conversion of 6.5% convertible
debentures 681,818 681,818 681,818 681,818
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Weighted average number of common and
common equivalent shares outstanding 9,084,640 9,008,023 9,011,689 8,857,408
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Diluted earnings per common share $ .13 $ .07 $ .33 $ .17
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