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EXHIBIT 11.1
THE MAXIM GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS (LOSS)
PER COMMON AND COMMON EQUIVALENT SHARE (a)
FOR THE YEAR ENDED JANUARY 31, 1997,
THE TEN MONTHS ENDED JANUARY 31, 1996,
AND THE YEAR ENDED MARCH 31, 1995
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
1997 1996 1995
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PRIMARY:
Net earnings (loss) applicable to common and common equivalent shares $ 2,145 $(4,245) $ 9,642
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SHARES:
Weighted average number of common shares outstanding 13,468 13,301 12,734
Shares issuable from assumed exercise of options and warrants 469 N/A(b) 567
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Weighted average number of common shares and common share
equivalents assuming average market price for period 13,937 13,301 13,301
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PRIMARY EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE $ .15 $ (.32) $ 0.72
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FULLY DILUTED:
Net earnings (loss) applicable to common and common equivalent shares $ 2,145 $(4,245) $ 9,642
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SHARES:
Weighted average number of common shares outstanding 13,468 13,301 12,734
Shares issuable from assumed exercise of options and warrants 669 N/A(b) 593
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Weighted average number of common shares and common share
equivalents at higher of ending or average market price for period $14,137 13,301 13,327
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FULLY DILUTED EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE $ .15 $ (.32) $ 0.72
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(a) Common equivalent shares represent stock options granted
to key employees and directors and redeemable common
stock purchase warrants.
(b) Common equivalent shares are antidilutive for the ten
months ended January 31, 1996.