<PAGE>   1


                                  MAXCO, INC.
         EXHIBIT 11 - STATEMENT RE:  COMPUTATION OF PER SHARE EARNINGS


<TABLE>
<CAPTION>

                                                                    Three Months Ended September 30,
                                                                        1997                1996
                                                                   (In thousands except per share data)
<S>                                                                   <C>                <C>
NET INCOME FOR COMPUTATION
  OF PER SHARE AMOUNTS
Net income from continuing operations                                    $1,432             $   662
Net income from discontinued operations                                                      21,782
                                                                         ------             -------
Net income                                                                1,432              22,444
Preferred stock dividends and other                                        (103)                (53)
Net Income Attributable To Common Stock-Primary
  Continuing operations                                                   1,329                 609
  Discontinued operations                                                                    21,782
                                                                         ------             -------
                                                                          1,329              22,391
                                                                         ======             =======
Net Income Attributable To Common Stock-Fully Diluted
  Continuing operations                                                   1,329                 636
  Discontinued operations                                                                    21,782
                                                                         ------             -------
                                                                          1,329              22,418
                                                                         ======             =======
PRIMARY
Average shares outstanding                                                3,384               3,917
Net effect of dilutive stock options--based on the
  Treasury Stock Method using average market price                           83                  87
                                                                         ------             -------
                                                      TOTAL               3,467               4,004
Net income per share:
  Continuing operations                                                    $.38                $.15
  Discontinued operations                                                                      5.44
                                                                         ------             -------
                                                                           $.38             $  5.59
                                                                         ======             =======
FULLY DILUTED
Average shares outstanding                                                3,384               3,917
Net effect of dilutive stock options--based on the Treasury
  Stock Method using the quarter-end market price if
  higher than average market price                                           89                  87

Assumed conversion of series two 12% cumulative
  redeemable convertible preferred stock                                                        232
                                                                         ------             -------
                                                      TOTAL               3,473               4,236
Net income per share:
  Continuing operations                                                  $  .38                $.15
  Discontinued operations                                                                      5.14
                                                                         ------             -------
                                                                         $  .38             $  5.29
                                                                         ======             =======
</TABLE>


                                       14
<PAGE>   2


                                  MAXCO, INC.
         EXHIBIT 11 - STATEMENT RE:  COMPUTATION OF PER SHARE EARNINGS


<TABLE>
<CAPTION>

                                                                       Six Months Ended September 30,
                                                                          1997                1996
                                                                     (In thousands except per share data)
<S>                                                                    <C>                 <C>
NET INCOME FOR COMPUTATION
  OF PER SHARE AMOUNTS
Net income from continuing operations                                    $2,757             $   801
Net income from discontinued operations                                                      22,090
                                                                         ------             -------
Net income                                                                2,757              22,891
Preferred stock dividends and other                                        (186)               (109)
Net Income Attributable To Common Stock-Primary
  Continuing operations                                                   2,571                 692
  Discontinued operations                                                                    22,090
                                                                         ------             -------
                                                                          2,571              22,782
                                                                         ======             =======
Net Income Attributable To Common Stock-Fully Diluted
  Continuing operations                                                   2,571                 746
  Discontinued operations                                                                    22,090
                                                                         ------             -------
                                                                          2,571              22,836
                                                                         ======             =======
PRIMARY
Average shares outstanding                                                3,447               4,075
Net effect of dilutive stock options--based on the
  Treasury Stock Method using average market price                           69                  85
                                                                         ------             -------
                                                      TOTAL               3,516               4,160
Net income per share:
  Continuing operations                                                    $.73                $.17
  Discontinued operations                                                                      5.31
                                                                         ------             -------
                                                                           $.73               $5.48
                                                                         ======             =======
FULLY DILUTED
Average shares outstanding                                                3,447               4,075
Net effect of dilutive stock options--based on the Treasury
  Stock Method using the quarter-end market price if
  higher than average market price                                           89                  85
Assumed conversion of series two 12% cumulative
  redeemable convertible preferred stock                                                        232
                                                                         ------             -------
                                                      TOTAL               3,536               4,392
Net income per share:
  Continuing operations                                                    $.73                $.17
  Discontinued operations                                                                      5.03
                                                                         ------             -------
                                                                         $  .73             $  5.20
                                                                         ======             =======
</TABLE>


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