<PAGE>
 
                                                                      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
                                                                                 ---------------------
                                                                                 July 31,     July 31,
                                                                                   1997        1996
                                                                                 -------     ---------
<S>                                                                         <C>           <C>
Primary:
 Net earnings applicable to common and common equivalent shares
                                                                                 $ 4,585       $     8
                                                                                 -------       -------
 Shares:
   Weighted average number of common shares outstanding                           16,294        13,369
   Shares issuable from assumed exercise of options                                  321           413
                                                                                 -------       -------
   Weighted average number of common shares and common share equivalents
    assuming average market price for period                                      16,615        13,369
                                                                                 =======       =======  
   Primary earnings per common and common equivalent share
                                                                                 $  0.28       $  0.00
                                                                                 =======       ======= 
Fully diluted:
 Net earnings applicable to common and common equivalent shares                  $4,585        $     8
                                                                                 =======       =======  
 Shares:
   Weighted average number of common shares outstanding                           16,294        13,369
   Shares issuable from assumed exercise of options                                  659           413
                                                                                 -------       -------
   Weighted average number of common shares and common 
    share equivalents at higher of ending or
    average market price for period                                               16,953        13,782
                                                                                 =======       =======  
   Fully diluted earnings per common and common equivalent share
                                                                                 $  0.27         $0.00
                                                                                 =======       =======  
</TABLE>
Common equivalent shares represent stock options granted to key employees and 
directors.
<PAGE>
 
                     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>
                                                                                   Six Months Ended
                                                                                 ---------------------
                                                                                 July 31,      July 31,
                                                                                   1997          1996
                                                                                 -------       ------- 
<S>                                                                         <C>           <C>
Primary:
 Net earnings applicable to common and common equivalent shares
                                                                                 $ 7,836       $ 1,160
                                                                                 =======       ======= 
 Shares:
   Weighted average number of common shares outstanding                           16,202        13,346
   Shares issuable from assumed exercise of options                                  421           350
                                                                                 -------       -------
   Weighted average number of common shares and common share equivalents
    assuming average market price for period                                      16,623        13,696
                                                                                 =======       =======  
   Primary earnings per common and common equivalent share                       $  0.47       $  0.08
                                                                                 =======       =======  
Fully diluted:
 Net earnings applicable to common and common equivalent shares                  $ 7,836       $ 1,160
                                                                                 =======       =======   
 Shares:
   Weighted average number of common shares outstanding                           16,202        13,358
   Shares issuable from assumed exercise of options                                  590           357
                                                                                 -------       -------
   Weighted average number of common shares and common share equivalents
    at higher of ending or average market price for period                        16,792        13,715
                                                                                 =======       =======    
 
   Fully diluted earnings per common and common equivalent share
                                                                                 $  0.47         $0.08
                                                                                 =======       =======   
</TABLE>