A.S.V., Inc. and Subsidiary Exhibit 11 - Computation of Earnings per Share Three Months Ended Six Months Ended June 30, June 30, -------- -------- Basic 1999 1998 1999 1998 ---- ---- ---- ---- Earnings Net income $ 688,695 $ 927,079 $1,337,642 $1,718,917 =========== ========== ========== ========== Shares Weighted average number of common shares outstanding 9,662,264 7,538,225 9,488,210 7,533,479 ========= ========== ========== ========== Basic earnings per common share $ .07 $ .12 $ .14 $ .23 =========== ========== ========== ========== Diluted Earnings Net income $ 688,695 $ 927,079 $1,337,642 $1,718,917 Add after-tax interest expense applicable to 6.5% convertible debentures -- 50,781 -- 101,562 ---------- --------- --------- --------- Net income applicable to common stock $ 688,695 $ 977,860 $1,337,642 $1,820,479 =========== ========= ========== ========== Shares Weighted average number of common shares outstanding 9,662,264 7,538,225 9,488,210 7,533,479 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 419,398 811,702 392,565 759,916 Assuming conversion of 6.5% convertible debentures -- 681,818 -- 681,818 ---------- --------- --------- --------- Weighted average number of common and common equivalent shares outstanding 10,081,662 9,031,745 9,880,775 8,975,213 ========== ========= ========= ========= Diluted earnings per common share $ .07 $ .11 $ .14 $ .20 =========== ========== ========== ==========