A.S.V., Inc. and Subsidiary
Exhibit 11 - Computation of Earnings per Share
Three Months Ended March 31,

	2005		2004
Basic
Earnings
Net earnings	$	5,542,975	$	3,595,033
Shares
Weighted average number of common
shares outstanding		13,363,538		12,464,518
Earnings per common share	$	.41	$	.29
Diluted
Earnings
Net earnings	$	5,542,975	$	3,595,033
Shares
Weighted average number of common shares outstanding		13,363,538		12,464,518
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		457,359		1,242,088
Weighted average number of common and common equivalent shares outstanding		13,820,897		13,706,606
Earnings per common share	$	.40	$	.26

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