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                                                                     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)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                               Three Months Ended              Six Months Ended
                                                                            ------------------------       ------------------------
                                                                             July 31,                       July 31,
                                                                               1998                           1998
                                                                           (As Restated      July 31,     (As Restated      July 31,
                                                                            See note 2)        1997        See note 2)         1997
                                                                           -------------    --------      -------------    --------

<S>                                                                        <C>              <C>            <C>              <C>
Basic:
    Net (loss) earnings                                                     $(21,600)       $  4,585        $(20,282)       $  7,836
                                                                            --------        --------        --------        --------

       Weighted average number of common shares outstanding                   16,305          16,294          16,364          16,202
                                                                            --------        --------        --------        --------

       Basic (loss) earnings per common share                               $  (1.32)       $   0.28        $  (1.24)       $   0.48
                                                                            --------        --------        --------        --------
Diluted:
    Net (loss) earnings                                                     $(21,600)       $  4,585        $(20,282)       $  7,836
                                                                            --------        --------        --------        --------

    Shares:
       Weighted average number of common shares outstanding                   16,305          16,294          16,364          16,202
       Shares issuable from assumed exercise of outstanding stock
         options                                                             N/A (a)             321         N/A (a)             421
                                                                            --------        --------        --------        --------
       Weighted average number of common and common
         equivalent shares(b)                                                 16,305          16,615          16,364          16,623
                                                                            --------        --------        --------        --------

       Diluted (loss) earnings per common share                             $  (1.32)       $   0.28        $  (1.24)       $   0.47
                                                                            --------        --------        --------        --------
</TABLE>


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

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