A.S.V., Inc.
Exhibit 11 — Computation of Earnings per Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
Basic
Earnings
Net earnings	$	8,001,589	$	4,429,859	$	19,728,481	$	12,207,088
Shares
Weighted average number of common shares outstanding		26,849,654		25,275,004		26,787,977		25,156,256
Basic earnings per common share	$	.30	$	.18	$	.74	$	.49
Diluted
Earnings
Net earnings	$	8,001,589	$	4,429,859	$	19,728,481	$	12,207,088
Shares
Weighted average number of common shares outstanding		26,849,654		25,275,004		26,787,977		25,156,256
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		950,645		935,042		896,177		1,458,712
Weighted average number of common and common equivalent shares outstanding		27,800,299		26,210,046		27,684,154		26,614,968
Diluted earnings per common share	$	.29	$	.17	$	.71	$	.46

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