A.S.V., Inc.
Exhibit 11 — Computation of Earnings per Share
Years ended December 31, 2006, 2005 and 2004
(In thousands, except share data)

	2006		2005		2004
Basic
Earnings
Net earnings	$	22,047	$	27,898	$	17,175
Shares
Weighted average number of common shares outstanding		26,860,199		26,280,216		25,471,998
Earnings per common share	$	.82	$	1.04	$	.67
Diluted
Earnings
Net earnings	$	22,047	$	27,898	$	17,175
Shares
Weighted average number of common shares outstanding		26,860,199		26,820,216		25,471,998
Assume the proceeds from the exercise of options and warrants together with the related tax benefit of unrecognized compensation were used to repurchase shares issued upon exercise of options and warrants. The unrecognized compensation was not utilized in the calculation in 2005 and 2004		428,773		905,025		1,353,002
Weighted average number of common and common equivalent shares outstanding		27,288,972		27,725,241		26,825,000
Earnings per common share	$	.81	$	1.01	$	.64