<PAGE>
 
                         A.S.V., Inc. and Subsidiary
               Exhibit 11 - Computation of Earnings per Share

<TABLE>
<CAPTION>
 
                                                     Three Months Ended                    Nine Months Ended
                                                         September 30,                        September 30,
                                                  --------------------------         ---------------------------
                                                     1997           1996                  1997            1996
                                                  -----------    -----------         ------------     ----------
<S>                                               <C>            <C>                 <C>              <C>
Primary Earnings Per Share                                                                        
  Earnings                                                                                          
     Net income                                    $  541,032     $  275,144          $1,321,467      $  603,201
                                                                                                  
     Add after tax interest expense applicable                                                         
      to 6.5% convertible debentures                   50,375              -             151,125               -
                                                   ----------     ----------          ----------      ----------
     Net income applicable to common stock         $  591,407     $  275,144          $1,472,592      $  603,201
                                                   ==========     ==========          ==========      ==========
                                                                                                  
Shares                                                                                            
  Weighted average number of common                                                                 
   shares outstanding                               4,976,371      4,804,457           4,878,179       4,781,348
                                                                                                  
  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          683,967        453,124             671,518         407,359

  Assuming conversion of 6.5% convertible                                                           
   debentures                                         454,545              -             454,545               -
                                                   ----------     ----------          ----------      ----------

  Weighted average number of common and                                                             
   common equivalent shares outstanding             6,114,883      5,257,581           6,004,242       5,188,707
                                                   ==========     ==========          ==========      ==========

Earnings per common share                          $      .10     $      .05          $      .25      $      .12
                                                   ==========     ==========          ==========      ==========

</TABLE>
<PAGE>
 
                         A.S.V., Inc. and Subsidiary
               Exhibit 11 - Computation of Earnings per Share

<TABLE>
<CAPTION>
 
 
                                                            Three Months Ended          Nine Months Ended
                                                                September 30,              September 30,
                                                         ------------------------   ------------------------
                                                            1997          1996         1997         1996
                                                         -----------   ----------   ----------    ----------
<S>                                                      <C>           <C>          <C>           <C>
Fully Diluted Earnings Per Share                                                                  
 Earnings                                                                                        
  Net income                                             $  541,032    $  275,144   $1,321,467    $  603,201
                                                                                                  
  Add after tax interest expense applicable                                                      
   to 6.5% convertible debentures                            50,375             -      151,125             -
                                                         ----------    ----------   ----------    ----------
                                                                                                  
  Net income applicable to common stock                  $  591,407    $  275,144   $1,472,592    $  603,201
                                                         ==========    ==========   ==========    ==========                        
                                                                            
                                                                                                  
 Shares                                                                                          
  Weighted average number of common                                                              
   shares outstanding                                     4,976,371     4,804,457    4,878,179     4,781,348
                                                                                                  
  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                718,530       456,355      731,936       426,075
                                                                                                  
  Assuming conversion of 6.5% convertible                                                        
   debentures                                               454,545             -      454,545             -
                                                         ----------    ----------   ----------    ----------
                                                                                                  
  Weighted average number of common and                                                          
   common equivalent shares outstanding                   6,149,446     5,260,812    6,064,660     5,207,423
                                                         ==========    ==========   ==========    ==========                        
                                                                            
                                                                     
Earnings per common share                                $      .10    $      .05   $      .24    $      .12
                                                         ==========    ==========   ==========    ==========                        
                                                                            
                                                                                                    
</TABLE>