<PAGE>
 
                                                                      EXHIBIT 11

                          BFX HOSPITALITY GROUP, INC.

                STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
             For the Years Ended September 30, 1997, 1996 and 1995
                   (In thousands, except per share amounts)
<TABLE>
<CAPTION>
 
 
                                                            1997     1996      1995
                                                          -------   ------   ------- 
<S>                                                       <C>       <C>      <C>
Primary Earnings per Share
--------------------------
 Loss from continuing operation.........................  $(7,854)  $ (921)  $  (156)
 Income (loss) from discontinued operation..............   14,512    2,315    (1,053)
                                                          -------   ------   -------
 Net income (loss)......................................  $ 6,658   $1,394   $(1,209)
                                                          =======   ======   =======
 
 Weighted average shares outstanding (a)................    6,957    6,441     5,465
                                                          =======   ======   =======
 
 Loss from continuing operation per average
   common share.........................................  $ (1.13)  $ (.14)  $  (.03)
 Income (loss) from discontinued operation per average
   common share.........................................     2.09      .36      (.19)
                                                          -------   ------   -------
 Net income (loss) per average common share.............  $   .96   $  .22   $  (.22)
                                                          =======   ======   =======

</TABLE> 
Fully Diluted Earnings per Share
--------------------------------
<TABLE>
<CAPTION>
 
<S>                                                         <C>       <C>      <C>
 Loss from continuing operation.........................  $(7,854)  $ (921)  $  (156)
 Income (loss) from discontinued operation..............   14,512    2,315    (1,053)
                                                          -------   ------   -------
 Net income (loss)......................................  $ 6,658   $1,394   $(1,209)
                                                          =======   ======   =======
 
 Weighted average shares outstanding....................    6,957    6,441     5,465
 Adjustment to reflect assumed exercise of
   stock options at beginning of the period.............        -      208         -
                                                          -------   ------   -------
 
 Weighted average shares outstanding, as adjusted.......    6,957    6,649     5,465
                                                          =======   ======   =======
 
 Fully diluted loss from continuing operation...........  $ (1.13)  $ (.14)  $  (.03)
 Fully diluted income (loss) from discontinued operation     2.09      .35      (.19)
                                                          -------   ------   -------
 Fully diluted net income (loss)........................  $   .96   $  .21   $  (.22)
                                                          =======   ======   =======
 
</TABLE>
 (a)  Calculation of assumed exercise stock options as common stock equivalent
 shares had an immaterial effect and are excluded from weighted average shares
 outstanding.