<PAGE>   1
                                                                     EXHIBIT 11




                     THE MAXIM GROUP, INC. AND SUBSIDIARIES


                    COMPUTATION OF BASIC AND DILUTED EARNINGS

                     PER COMMON AND COMMON EQUIVALENT SHARE

                  (In Thousands, Except Per Share Information)





<TABLE>
<CAPTION>
                                                                               Three Months Ended
                                                                            ------------------------
                                                                            July 31,       July 31,
                                                                              1998           1997
                                                                            --------        --------
<S>                                                                         <C>             <C>     
Basic:
    Net (loss) earnings                                                     $(17,790)       $  4,585
                                                                            --------        --------

    Weighted average number of common shares outstanding                      16,305          16,294
                                                                            --------        --------
    Basic (loss) earnings per common share                                  $  (1.09)       $   0.28
                                                                            --------        --------

Diluted:
    Net (loss) earnings                                                     $(17,790)       $  4,585
                                                                            --------        --------

    Shares:
       Weighted average number of common shares outstanding                   16,305          16,294
       Shares issuable from assumed exercise of outstanding stock
         options                                                             N/A (a)             321
                                                                            --------        --------
       Weighted average number of common and common equivalent shares(b)      16,305          16,615
                                                                            --------        --------

       Diluted (loss) earnings per common share                             $  (1.09)       $   0.28
                                                                            --------        --------
</TABLE>



                           (a)   Common equivalent shares are antidilutive for
                                 the three months ended July 31, 1998.

                           (b)   Common equivalent shares represent stock 
                                 options granted to key employees and directors.


<PAGE>   2


                     THE MAXIM GROUP, INC. AND SUBSIDIARIES


                    COMPUTATION OF BASIC AND DILUTED EARNINGS

                     PER COMMON AND COMMON EQUIVALENT SHARE

                  (In Thousands, Except Per Share Information)



<TABLE>
<CAPTION>
                                                                            Six Months Ended
                                                                        ------------------------
                                                                         July 31,       July 31,
                                                                           1998           1997
                                                                        --------        --------

<S>                                                                     <C>             <C>     
Basic:
    Net (loss) earnings                                                 $(14,246)       $  7,836
                                                                        --------        --------

       Weighted average number of common shares outstanding               16,364          16,202
                                                                        --------        --------

       Basic (loss) earnings per common share                           $  (0.87)       $   0.48
                                                                        --------        --------

Diluted:
    Net (loss) earnings                                                 $(14,246)       $  7,836
                                                                        --------        --------

    Shares:
       Weighted average number of common shares outstanding               16,364          16,202
       Shares issuable from assumed exercise of outstanding stock
         options                                                         N/A (a)             421
                                                                        --------        --------
       Weighted average number of common and common
         equivalent shares(b)                                             16,364          16,623
                                                                        --------        --------

       Diluted (loss) earnings per common share                         $  (0.87)       $   0.47
                                                                        --------        --------
</TABLE>



                           (a)   Common equivalent shares are antidilutive for
                                 the six months ended July 31, 1998.

                           (b)   Common equivalent shares represent stock 
                                 options granted to key employees and directors.