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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             Nine Months Ended
                                                             --------------------------    ---------------------------
                                                             October 31,                   October 31,
                                                                 1998                          1998
                                                             (As Restated   October 31,    (As Restated    October 31,
                                                              See Note 2)      1997         See Note 2)       1997
                                                             ------------   -----------    ------------    ------------
<S>                                                          <C>            <C>            <C>             <C>
Basic:
    Net earnings                                               $ 2,254        $ 4,397      $   (18,028)        $ 12,233
                                                               =======        =======      ===========         ========

    Weighted average number of common shares outstanding        19,428         16,164           17,385           16,189
                                                               =======        =======      ===========         ========

    Basic earnings per common share                            $  0.12        $  0.27      $     (1.04)        $   0.76
                                                               =======        =======      ===========         ========

Diluted:
    Net earnings                                               $ 2,254        $ 4,397      $   (18,028)        $ 12,233
                                                               =======        =======      ===========         ========

    Shares:
       Weighted average number of common shares
          outstanding                                           19,428         16,164           17,385           16,189
       Shares issuable from assumed exercise of outstanding
          stock options                                            813            758              N/A(b)           534
                                                               -------        -------      -----------         --------
       Weighted average number of common and common
          equivalent shares (a)                                 20,241         16,922           17,385           16,723
                                                               =======        =======      ===========         ========

       Diluted earnings per common share                       $  0.11        $  0.26      $     (1.04)        $   0.73
                                                               =======        =======      ===========         ========
</TABLE>


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

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

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