A.S.V., Inc. and Subsidiary
Exhibit 11 - Computation of Earnings per Share
Years Ended December 31, 1998, 1997 and 1996
1998 1997 1996
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Basic
Earnings
Net income $3,366,055 $2,323,557 $ 921,509
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Shares
Weighted average number of common
shares outstanding 7,764,505 7,366,116 7,181,537
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Earnings per common share $ .43 $ .32 $ .13
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Diluted
Earnings
Net income $3,366,055 $2,323,557 $ 921,509
Add after tax interest expense applicable
to 6.5% convertible debentures 233,188 206,700 49,635
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Net income applicable to common stock $3,599,243 $2,530,257 $ 971,144
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Shares
Weighted average number of common
shares outstanding 7,764,505 7,366,116 7,181,537
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 647,011 852,717 555,674
Assuming conversion of 6.5% convertible
debentures 603,997 681,818 163,544
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Weighted average number of common and
common equivalent shares outstanding 9,015,513 8,900,651 7,900,755
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Earnings per common share $ .40 $ .28 $ .12
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