A.S.V., Inc. and Subsidiary
Exhibit 11 — Computation of Earnings per Share
(In thousands, except share data)
Three Months Ended March 31,

	2006		2005
Basic
Earnings
Net earnings	$	6,936	$	5,543
Shares
Weighted average number of common shares outstanding		27,089,275		26,727,076
Earnings per common share	$	.26	$	.21
Diluted
Earnings
Net earnings	$	6,936	$	5,543
Shares
Weighted average number of common shares outstanding		27,089,275		26,727,076
Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds and related income tax benefits from the exercise of such options		785,944		914,718
Weighted average number of common and common equivalent shares outstanding		27,875,219		27,641,794
Earnings per common share	$	.25	$	.20