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                                                                      EXHIBIT 11
 
                            THE PIONEER GROUP, INC.
 
                 COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
                (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                                                THREE MONTHS               NINE MONTHS
                                                                   ENDED                      ENDED
                                                               SEPTEMBER 30,              SEPTEMBER 30,
COMPUTATION FOR                                           ------------------------   ------------------------
CONSOLIDATED STATEMENT OF INCOME                             1998         1997          1998         1997
--------------------------------                             ----         ----          ----         ----
<S>                                                       <C>          <C>           <C>          <C>
Net (loss) income from continuing operations............    ($15,937)       $8,926     ($16,811)      $21,855
Income (loss) from discontinued Russian banking
  operations............................................       ($540)         $596      ($6,449)         ($49)
                                                          ----------   -----------   ----------   -----------
Net (Loss) Income (1)...................................    ($16,477)       $9,522     ($23,260)      $21,806
                                                          ==========   ===========   ==========   ===========
Basic Earnings Per Share Calculation:
  Weighted average number of common shares
    outstanding.........................................  25,207,000    24,857,000   25,091,000    24,838,000
Basic Earnings Per Share:
Continuing operations...................................      ($0.63)        $0.36       ($0.67)        $0.88
Discontinued operations.................................      ($0.02)        $0.02       ($0.26)       ($0.00)
                                                          ----------   -----------   ----------   -----------
                                                              ($0.65)        $0.38       ($0.93)        $0.88
                                                          ==========   ===========   ==========   ===========
Diluted Earnings Per Share Calculation:
  Weighted average number of common shares
    outstanding.........................................  25,207,000    24,857,000   25,091,000    24,838,000
  Dilutive effect of stock options as common stock
    equivalents.........................................           0       730,000      251,000       706,000
  Dilutive effect of restricted stock proceeds as common
    stock equivalents...................................           0       101,000      (17,000)       45,000
                                                          ----------   -----------   ----------   -----------
  Weighted average number of shares outstanding as
    adjusted............................................  25,207,000    25,688,000   25,325,000    25,589,000
Diluted Earnings Per Share:
Continuing operations...................................      ($0.63)        $0.35       ($0.67)        $0.85
Discontinued operations.................................      ($0.02)        $0.02       ($0.25)       ($0.00)
                                                          ----------   -----------   ----------   -----------
                                                              ($0.65)        $0.37       ($0.92)        $0.85
                                                          ==========   ===========   ==========   ===========
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(1) These amounts agree with the related amounts in the Consolidated Statements
    of Operations.
 
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