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                                                                      EXHIBIT 11


                            MITCHAM INDUSTRIES, INC.
                      STATEMENT RE COMPUTATION OF EARNINGS
                                   PER SHARE
                 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

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                                                          THREE MONTHS ENDED               SIX MONTHS ENDED
                                                               JULY 31,                       JULY 31,
                                                          -----------------               -----------------
                                                            1998      1997                 1998       1997
                                                          ------     ------               ------     ------
<S>                                                     <C>         <C>                 <C>       <C>
COMPUTATION OF BASIC EARNINGS
  PER COMMON SHARE:

Net income                                               $     852 $   1,190            $   2,532 $   2,913  
                                                         --------- ---------            --------- ---------  
                                                                                                             
Weighted average number of common                                                                            
  shares outstanding                                     9,507,551 7,364,672            9,470,885 6,723,297  
                                                                                                             
Earnings per common share                                $    0.09 $    0.16            $    0.27 $    0.43  
                                                         ========= =========            ========= =========  
                                                                                                             
COMPUTATION OF EARNINGS PER COMMON SHARE                                                                     
  ASSUMING DILUTION:                                                                                         
                                                                                                             
Net income                                               $     852 $   1,190            $   2,532 $   2,913  
                                                         --------- ---------            --------- ---------  
                                                                                                             
Weighted average number of common                                                                            
  shares outstanding                                     9,507,551 7,364,672            9,470,885 6,723,297  
                                                                                                             
Net effect of dilutive stock options and warrants                                                            
 based on the treasury stock method, using                                                                   
 the average market price                                  195,738   305,239              256,318   255,443  
                                                         --------- ---------            --------- ---------  
Common shares outstanding assuming dilution              9,703,289 7,669,911            9,727,203 6,978,740  
                                                         ========= =========            ========= =========  
                                                                                                             
Earnings per common share assuming dilution              $    0.09 $    0.16            $    0.26 $    0.42  
                                                         ========= =========            ========= =========  
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