<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
                                                               ------------------------
                                                               October 31,  October 31,
                                                                   1998         1997
                                                               -----------  -----------
<S>                                                            <C>          <C>
Basic:
    Net earnings                                                 $ 6,029      $ 4,397
                                                                 =======      =======

    Weighted average number of common shares outstanding          19,428       16,164
                                                                 =======      =======

    Basic earnings per common share                              $  0.31      $  0.27
                                                                 =======      =======

Diluted:
    Net earnings                                                 $ 6,029      $ 4,397
                                                                 =======      =======

    Shares:
       Weighted average number of common shares
          outstanding                                             19,428       16,164
       Shares issuable from assumed exercise of outstanding
          stock options                                              813          758
                                                                 -------      -------
       Weighted average number of common and common
          equivalent shares (a)                                   20,241       16,922
                                                                 =======      =======

       Diluted earnings per common share                         $  0.30      $  0.26
                                                                 =======      =======
</TABLE>


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


                                      -25-
<PAGE>   2
                                                                      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>
                                                                      Nine Months Ended
                                                                 ---------------------------
                                                                 October 31,     October 31,
                                                                     1998            1997
                                                                 -----------     -----------
<S>                                                              <C>             <C>
Basic:
    Net (loss) earnings                                            $(8,217)        $12,233
                                                                   =======         =======

    Weighted average number of common shares outstanding            17,385          16,189
                                                                   =======         =======

    Basic (loss) earnings per common share                         $ (0.47)        $  0.76
                                                                   =======         =======

Diluted:
    Net (loss) earnings                                            $(8,217)        $12,233
                                                                   =======         =======

    Shares:
       Weighted average number of common shares
         outstanding                                                17,385          16,189
       Shares issuable from assumed exercise of outstanding
         stock options                                                 N/A(a)          534
                                                                   -------         -------
       Weighted average number of common and common
         equivalent shares (b)                                      17,385          16,723
                                                                   =======         =======

       Diluted (loss) earnings per common share                    $ (0.47)        $  0.73
                                                                   =======         =======
</TABLE>


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

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


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