<PAGE>   1
                                                                      EXHIBIT 11

                     THE MAXIM GROUP, INC. AND SUBSIDIARIES


                COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS

                     PER COMMON AND COMMON EQUIVALENT SHARE



                  (In Thousands, Except Per Share Information)


<TABLE>
<CAPTION>

                                                                                         Three Months Ended
                                                                                  ---------------------------------
                                                                                    October 31,      October 31,
                                                                                       1997              1996
                                                                                  ---------------  ----------------
<S>                                                                               <C>              <C>
Primary:                                                                                                    

    Net earnings (loss) applicable to common and common
       equivalent shares                                                             $  4,397          $ (1,112)
                                                                                     ========          ========

    Shares:
       Weighted average number of common shares
         outstanding                                                                   16,164            13,426
       Shares issuable from assumed exercise of options                                   758                --
                                                                                     --------          --------
       Weighted average number of common shares and 
         common share equivalents assuming average market
         price for period                                                              16,922            13,426                 
                                                                                     ========          ========              

       Primary earnings (loss) per common and common 
         equivalent share                                                            $    .26          $  (0.08)
                                                                                     ========          ========
                                                                                                   
Fully diluted:
    Net earnings (loss) applicable to common and common 
      equivalent shares                                                              $  4,397          $ (1,112)
                                                                                     ========          ========

    Shares:
      Weighted average number of common shares
         outstanding                                                                   16,164           13,426
      Shares issuable from assumed exercise of options                                    758               --
                                                                                     --------          -------
      Weighted average number of common shares and
         common share equivalents at higher of ending or
         average market price for period                                               16,922           13,426     
                                                                                     ========          =======

      Fully diluted earnings per common and common 
         equivalent share                                                            $    .26          $ (0.08)
                                                                                     ========          =======

</TABLE>

                  Common equivalent shares represent stock options 
                  granted to key employees and directors











<PAGE>   2
                                                                      EXHIBIT 11








                     THE MAXIM GROUP, INC. AND SUBSIDIARIES


                COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS

                     PER COMMON AND COMMON EQUIVALENT SHARE



                  (In Thousands, Except Per Share Information)


<TABLE>
<CAPTION>

                                                                                         Nine Months Ended
                                                                                  -------------------------------  
                                                                                    October 31,      October 31,
                                                                                       1997              1996
                                                                                  ---------------- --------------
<S>                                                                               <C>              <C>

Primary:
    Net earnings applicable to common and common 
       equivalent shares                                                             $  12,233        $     48
                                                                                     =========        ========
    Shares:
        Weighted average number of common shares 
           outstanding                                                                  16,189          13,364
        Shares issuable from assumed exercise of options                                   534             426
                                                                                     ---------        --------
        Weighted average number of common shares and 
           common share equivalents assuming average market
           price for period                                                             16,723          13,791
                                                                                     =========        ========

        Primary earnings per common and common equivalent
           share                                                                     $     .73         $  0.00
                                                                                     =========         =======

    Fully diluted:
        Net earnings applicable to common and common
           equivalent shares                                                         $  12,233        $     48              
                                                                                     =========        ========

        Shares:
           Weighted average number of common shares
            outstanding                                                                 16,189          13,364
           Shares issuable from assumed exercise of options                                646             426
                                                                                     ---------        --------

           Weighted average number of common shares and 
            common share equivalents at higher of ending or
            average market price for period                                             16,835          13,791 
                                                                                     =========        ========
           Fully diluted earnings per common and common 
            equivalent share                                                         $     .73            0.00
                                                                                     =========        ========
</TABLE>


           Common equivalent shares represent stock options
           granted to key employees and directors