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, ----------------------------- ----------------------------- 1999 1998 1999 1998 ------------ ------------- ------------ ------------- Basic Earnings Net income $ 20,898 $1,122,418 $1,358,540 $2,841,335 =========== ========== ========== ========== Shares Weighted average number of common shares outstanding 9,681,249 7,781,726 9,552,556 7,616,228 =========== ========== ========== ========== Basic earnings per common share $ .00 $ .14 $ .14 $ .37 =========== ========== ========== ========== Diluted Earnings Net income $ 20,898 $1,122,418 $1,358,540 $2,841,335 Add after-tax interest expense applicable to 6.5% convertible debentures - 50,781 - 152,343 ----------- ---------- ---------- ---------- Net income applicable to common stock $ 20,898 $1,173,199 $1,358,540 $2,993,678 =========== ========== ========== ========== Shares Weighted average number of common shares outstanding 9,681,249 7,781,726 9,552,556 7,616,228 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 387,848 621,096 390,993 713,643 Assuming conversion of 6.5% convertible debentures - 681,818 - 681,818 ----------- ---------- ---------- ---------- Weighted average number of common and common equivalent shares outstanding 10,069,097 9,084,640 9,943,549 9,011,689 =========== ========== ========== ========== Diluted earnings per common share $ .00 $ .13 $ .14 $ .33 =========== ========== ========== ==========