<PAGE>   1






                                                                  EXHIBIT NO. 11




                     THE MAXIM GROUP, INC. AND SUBSIDIARIES

             Computation of Primary and Fully Diluted Earnings Per
                       Common and Common Equivalent Share

<TABLE>
<CAPTION>
                                                                Three Months Ended
                                                            October 31,   September 30,
                                                           ----------------------------
                                                               1996         1995
                                                               ----         ----
<S>                                                       <C>            <C>
Primary
-------
Net (loss) earnings applicable to common
  and common equivalent shares
                                                          $ (1,112,102)  $ 1,867,140
                                                          ------------   -----------
Shares:
  Weighted average number of common
   shares outstanding                                       13,425,995    13,246,435

  Shares issuable from assumed exercise
   of options and warrants                                        -          280,946
                                                          ------------   -----------

  Weighted average number of common shares and
   common share equivalents assuming average
   market price for period                                  13,425,995    13,527,381
                                                          ------------   -----------

  Primary (loss) earnings per common and common
   equivalent share                                       $       (.08)  $       .14
                                                          ============   ===========

Fully Diluted
-------------
Net (loss) earnings applicable to common
  and common equivalent shares                            $ (1,112,102)  $ 1,867,140
                                                          ------------   -----------

Shares:
  Weighted average number of common
   shares outstanding                                       13,425,995    13,246,435

  Shares issuable from assumed exercise
   of options and warrants                                         -         280,946
                                                          ------------   -----------

  Weighted average number of common shares and
   common share equivalents at higher of ending
   or average market price for period                       13,425,995    13,527,381
                                                          ------------   -----------

  Fully diluted (loss) earnings per common and common
   equivalent share                                       $       (.08)  $       .14
                                                          ============   ===========
</TABLE>


1.   Common equivalent shares represent stock options granted to key employees
           and directors,and redeemable common stock purchase warrants.






<PAGE>   2

                                                                  EXHIBIT NO. 11



                     THE MAXIM GROUP, INC. AND SUBSIDIARIES

             Computation of Primary and Fully Diluted Earnings Per
                       Common and Common Equivalent Share


<TABLE>
<CAPTION>
                                                          Nine Months Ended
                                                  October 31,         September 30,
                                                 ------------------------------------
                                                       1996               1995
                                                       ----               ----
<S>                                                   <C>                <C>
Primary
-------
Net earnings applicable to common
  and common equivalent shares
                                                      $     47,805       $  6,346,281
                                                      ------------       ------------
Shares:
  Weighted average number of common
   shares outstanding                                   13,364,169         13,247,314

  Shares issuable from assumed exercise
   of options and warrants                                 426,340            298,447
                                                      ------------       ------------

  Weighted average number of common shares and
   common share equivalents assuming average
   market price for period                              13,790,509         13,545,761
                                                      ------------       ------------

  Primary earnings per common and common
   equivalent share                                   $        .00       $        .47
                                                      ============       ============

Fully Diluted
-------------
Net earnings applicable to common
  and common equivalent shares                        $     47,805       $  6,346,281
                                                      ------------       ------------

Shares:
  Weighted average number of common
   shares outstanding                                   13,364,169         13,247,314

  Shares issuable from assumed exercise
   of options and warrants                                 426,340            298,447
                                                      ------------       ------------

  Weighted average number of common shares and
   common share equivalents at higher of ending
   or average market price for period                   13,790,509         13,545,761
                                                      ------------       ------------
  Fully diluted earnings per common and common
   equivalent share                                   $        .00       $        .47
                                                      ============       ============
</TABLE>


Common equivalent shares represent stock options granted to key employees and
directors, and redeemable common stock purchase warrants.