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A.S.V., Inc.
Exhibit 11 - Computation of Earnings per Share
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Three Months Ended Six Months Ended
June 30, June 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic
Earnings
Net earnings $ 599,308 $ 688,695 $ 1,016,069 $ 1,337,642
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Shares
Weighted average number of common
shares outstanding 9,698,837 9,662,264 9,693,849 9,488,210
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Basic earnings per common share $ .06 $ .07 $ .10 $ .14
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Diluted
Earnings
Net earnings $ 599,308 $ 688,695 $ 1,016,069 $ 1,337,642
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Shares
Weighted average number of common
shares outstanding 9,698,837 9,662,264 9,693,849 9,488,210
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 177,030 419,398 221,604 392,565
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Weighted average number of common and
common equivalent shares outstanding 9,875,867 10,081,662 9,915,453 9,880,775
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Diluted earnings per common share $ .06 $ .07 $ .10 $ .14
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