A.S.V., Inc. and Subsidiary Exhibit 11 - Computation of Earnings per Share Three Months Ended March 31, 1999 and 1998 1999 1998 ---------- ---------- Basic Earnings Net income $ 648,947 $ 791,838 ========== ========== Shares Weighted average number of common shares outstanding 9,314,156 7,528,733 ========== ========== Earnings per common share $ .07 $ .11 ========== ========== Diluted Earnings Net income $ 648,947 $ 791,838 Add after tax interest expense applicable to 6.5% convertible debentures -- 51,187 ---------- ---------- Net income applicable to common stock $ 648,947 $ 843,025 ========== ========== Shares Weighted average number of common shares outstanding 9,314,156 7,528,733 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 365,733 708,131 Assuming conversion of 6.5% convertible debentures -- 681,818 ---------- ---------- Weighted average number of common and common equivalent shares outstanding 9,679,889 8,918,682 ========== ========== Earnings per common share $ .07 $ .09 ========== ========== 15