Continuum constitutive models of shape memory behavior share a common feature. They describe the martensitic phase transformation by a parameter representing the martensite volume fraction, and formulate an evolution law in terms of the parameter. Exploiting the similarity of these models to elastoplasticity, a finite element formulation of a micromechanics based constitutive model is described. Several other models can be formulated in a similar way, and the present work can be seen as a testbed approach to study and evaluate the constitutive models on a common platform. Numerical results are presented for Au-47.5at%Cd to validate the finite element formulation.