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MAXCO, INC.
EXHIBIT 11 -- STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS


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<CAPTION>
                                                                          Year Ended March 31,                     
                                                                     1997          1996         1995               
                                                              ----------------------------------------------
                                                                  (in thousands, except per share data)            
<S>                                                               <C>           <C>           <C>                  
NET INCOME FOR COMPUTATION                                                                                         
  OF PER SHARE AMOUNTS                                                                                             
------------------------------------------------------                                                               
Net income (loss) from continuing operations                      $     1,232  $     (2,599)  $    2,084           
Net income (loss) from discontinued operations                         21,322           (94)       2,034           
                                                                  -----------  ------------  -----------           
Net income (loss)                                                      22,554        (2,693)       4,118           
Preferred stock series 2 dividend                                         (81)         (108)        (108)           
Preferred stock series 3 dividend                                         (95)          (96)         (96)           
Preferred stock series 4 dividend                                         (60)                                      
Net effect of minority interest from assumed conversion                                                            
  of dilutive stock options of subsidiary--based on the                                                            
  Treasury Stock Method using average market price                         59            18          (28)           
                                                                  -----------  ------------  -----------           
Net Income (Loss) Attributable To Common Stock-Primary                                                             
  Continuing operations                                           $     1,055  $     (2,785)  $    1,852           
  Discontinued operations                                              21,322           (94)       2,034           
                                                                  -----------  ------------  -----------           
                                                                       22,377        (2,879)       3,886           
                                                                  ===========  ============  ===========           
Net Income (Loss) Attributable To Common Stock-Fully Diluted                                                
Continuing operations                                             $     1,136  $     (2,677)  $    1,960           
Discontinued operations                                                21,322           (94)       2,034           
                                                                  -----------  ------------  -----------           
                                                                       22,458        (2,771)       3,994           
                                                                  ===========  ============  ===========           
PRIMARY                                                                                                            
------------------------------------------------------                                                               

Average shares outstanding                                              3,845         4,251        4,302           

Net effect of dilutive stock options--based on the 
  Treasury Stock Method using average market price                         65           121          124           
                                                                  -----------  ------------  -----------           
                                         TOTAL                          3,910         4,372        4,426           
Net income per share:                                                                                              
Continuing operations                                             $       .27  $       (.64)  $      .42           
Discontinued operations                                                  5.45          (.02)         .46           
                                                                  -----------  ------------  -----------           
                                                                  $      5.72  $       (.66)  $      .88           
                                                                  ===========  ============  ===========           
FULLY DILUTED                                                                                                      
------------------------------------------------------                                                               

Average shares outstanding                                              3,845         4,251        4,302           

Net effect of dilutive stock options--based on the Treasury 
  Stock Method using the quarter-end market price if 
  higher than average market price                                         65           135          124           

Assumed conversion of series two 12%  cumulative  
  redeemable convertible preferred stock                                  174           232          232           
                                                                  -----------  ------------  -----------           
                                         TOTAL                          4,084         4,618        4,658           
Net income per share:                                                                                              
  Continuing operations                                           $       .27  $       (.58)  $      .42           
  Discontinued operations                                                5.23          (.02)         .44           
                                                                  -----------  ------------  -----------           
                                                                  $      5.50  $       (.60)  $      .86           
                                                                  ===========  ============  ===========           
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