<PAGE>   1

                                                                     EXHIBIT 11
                                                                    PAGE 1 OF 3

                               THOMAS GROUP, INC.
             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

<TABLE>
<CAPTION>


                                                                             YEAR ENDED DECEMBER 31,
                                                                    ----------------------------------------
                                                                       1996           1995          1994
                                                                    ----------     ----------     ----------
<S>                                                                  <C>            <C>            <C>
PRIMARY EPS
Weighted Average Shares Outstanding ...........................      5,963,394      5,998,009      5,792,333
Weighted Average Options Outstanding (Table I) ................        335,455        260,031        310,578
Weighted Average Warrants Outstanding (Table II) ..............           --             --             --
                                                                    ==========     ==========     ==========
Weighted Average Shares and Share Equivalents Outstanding .....
                                                                     6,298,849      6,258,040      6,102,911
                                                                    ==========     ==========     ==========

Net Income ....................................................     $1,825,000     $6,755,000     $   46,000
                                                                    ==========     ==========     ==========

Earnings Per Common and Common Equivalent Share ...............     $     0.29     $     1.08     $     0.01
                                                                    ==========     ==========     ==========


FULLY-DILUTED EPS
Weighted Average Shares Outstanding ...........................      5,963,394      5,998,009      5,792,333
Weighted Average Options Outstanding (Table I) ................        312,497        348,768        309,921
Weighted Average Warrants Outstanding (Table II) ..............           --             --             --
                                                                    ----------     ----------     ----------
Weighted Average Shares and Share Equivalents Outstanding .....
                                                                     6,275,891      6,346,777      6,102,254
                                                                    ==========     ==========     ==========

Net Income ....................................................     $1,825,000     $6,755,000     $   46,000
                                                                    ==========     ==========     ==========

Earnings Per Common and Common Equivalent Share ...............     $     0.29     $     1.06     $     0.01
                                                                    ==========     ==========     ==========

</TABLE>


<PAGE>   2



                                                                     EXHIBIT 11
                                                                    PAGE 2 OF 3

                               THOMAS GROUP, INC.
             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

                 TABLE I - WEIGHTED AVERAGE OPTIONS OUTSTANDING

<TABLE>
<CAPTION>


                                                                             YEAR ENDED DECEMBER 31,
                                                                 ------------------------------------------------
                                                                      1996              1995              1994
                                                                 ------------      ------------      ------------
<S>                                                                 <C>               <C>               <C>
PRIMARY EPS
Weighted Average Options Outstanding .......................        1,255,309         1,240,951         1,415,634
Anti-Dilution Adjustment ...................................             --            (520,368)             --
                                                                 ------------      ------------      ------------
Adjusted Shares Outstanding ................................        1,255,309           720,583         1,415,634
                                                                 ------------      ------------      ------------
Average Exercise Price .....................................     $      9.437      $      5.872      $      8.437
                                                                 ------------      ------------      ------------

Exercise Proceeds ..........................................     $ 11,846,466      $  4,230,989      $ 11,943,643
                                                                 ============      ============      ============

Average FMV Per Share During Period ........................     $     14.253      $     11.024      $     12.577
Shares Repurchased .........................................         (831,132)         (383,795)         (949,619)
Share Repurchased Assuming Utilization of Tax Benefit on
    Exercise of Non-Qualified Options (1) ..................          (88,722)          (76,757)         (155,437)
                                                                 ------------      ------------      ------------
Total Shares Repurchased ...................................         (919,854)         (460,552)       (1,105,056)
                                                                 ------------      ------------      ------------
Incremental Shares from Options ............................          335,455           260,031           310,578
                                                                 ============      ============      ============


FULLY-DILUTED EPS
Weighted Average Options Outstanding .......................        1,255,309         1,240,951         1,415,634
Anti-Dilution Adjustment ...................................             --              (6,734)             --
                                                                 ------------      ------------      ------------
Adjusted Shares Outstanding ................................        1,255,309         1,234,217         1,415,634
                                                                 ------------      ------------      ------------
Average Exercise Price .....................................     $      9.437      $      8.683      $      8.437
                                                                 ------------      ------------      ------------

Exercise Proceeds ..........................................     $ 11,846,466      $ 10,716,511      $ 11,943,643
                                                                 ============      ============      ============

FMV Per Share End of Period (2) ............................     $     14.253      $     13.500      $     12.577
Shares Repurchased .........................................         (865,428)         (787,256)         (950,621)
Share Repurchased Assuming Utilization of Tax Benefit on
    Exercise of Non-Qualified Options (1) ..................          (77,384)          (98,193)         (155,092)
                                                                 ------------      ------------      ------------
Total Shares Repurchased ...................................         (942,812)         (885,449)       (1,105,713)
                                                                 ------------      ------------      ------------
Incremental Shares from Options ............................          312,497           348,768           309,921
                                                                 ============      ============      ============
</TABLE>


 (1) Non-qualified options generate a tax deduction for the Company in the
amount of the employee's taxable gain, if any, on exercise. The savings in
taxes payable are also assumed to be used to purchase outstanding shares of
common stock.

(2)  FMV at end of 1996 and 1994 was less than the average FMV during 1996 and
1994.  The average FMV during 1996 and 1994 was, therefore, used in the
fully-diluted calculation.


<PAGE>   3



                                                                     EXHIBIT 11
                                                                    PAGE 3 OF 3

                               THOMAS GROUP, INC.
             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

                TABLE II - WEIGHTED AVERAGE WARRANTS OUTSTANDING


<TABLE>
<CAPTION>

                                                        YEAR ENDED DECEMBER 31,
                                              --------------------------------------------
                                                 1996           1995             1994
                                              ----------     ----------     --------------
<S>                                              <C>            <C>                <C>
PRIMARY EPS
Weighted Average Warrants Outstanding ...        175,000        175,000            175,000
Exercise Price (1) ......................     $    15.15     $    15.15     $        15.15
                                              ----------     ----------     --------------
Exercise Proceeds .......................     $2,651,250     $2,651,250     $    2,651,250
                                              ==========     ==========     ==============

Average FMV Per Share During Period .....     $    14.25     $   11.024     $       12.577
Shares Repurchased ......................           --             --                 --
                                              ----------     ----------     --------------
Incremental Shares from Warrants ........           --             --                 --
                                              ==========     ==========     ==============





FULLY-DILUTED EPS
Weighted Average Warrants Outstanding ...        175,000        175,000            175,000
Exercise Price (1) ......................     $    15.15     $    15.15     $        15.15
                                              ----------     ----------     --------------
Exercise Proceeds .......................     $2,651,250     $2,651,250     $    2,651,250
                                              ==========     ==========     ==============

FMV Per Share End of Period(2) ..........     $    14.25     $   13.500     $       12.577
Shares Repurchased ......................           --             --                 --
                                              ----------     ----------     --------------
Incremental Shares from Warrants ........           --             --                 --
                                              ==========     ==========     ==============
</TABLE>

---------------

(1) The exercise price is in excess of the average FMV per share during 1996,
1995 and 1994. The Warrants are therefore anti-dilutive and excluded from the
earnings per share calculation.

(2)    FMV at end of 1996 and 1994 was less than the  average  FMV during  1996
and 1994.  The  average FMV during 1996 and 1994 was, therefore, used in the
fully-diluted calculation.