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<PAGE>
EXHIBIT 11
A.S.V., Inc.
Exhibit 11 - Computation of per Share Earnings
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
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2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Basic
Earnings
Net earnings $ 220,156 $ 20,898 $ 1,236,225 $ 1,358,540
=========== =========== =========== ===========
Shares
Weighted average number of common
shares outstanding 9,701,541 9,681,249 9,696,413 9,552,556
=========== =========== =========== ===========
Basic earnings per common share $ .02 $ .00 $ .13 $ .14
=========== =========== =========== ===========
Diluted
Earnings
Net earnings $ 220,156 $ 20,898 $ 1,236,225 $ 1,358,540
=========== =========== =========== ===========
Shares
Weighted average number of common
shares outstanding 9,701,541 9,681,249 9,696,413 9,552,556
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 193,346 387,848 212,185 390,993
----------- ----------- ----------- -----------
Weighted average number of common and
common equivalent shares outstanding 9,894,887 10,069,097 9,908,598 9,943,549
=========== =========== =========== ===========
Diluted earnings per common share $ .02 $ .00 $ .12 $ .14
=========== =========== =========== ===========
</TABLE>
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