**Exhibit 11**

 

INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES

 

Computation of Earnings (loss) per Common Share

(unaudited)

 

(in thousands, except per share amounts)

 

 
|                                                |   | **THREE  MONTHS ENDED** |       | **SIX MONTHS  ENDED** |       |
|-----------------------------------------------------|--------|-------------------------|------------|-----------------------|------------|
|                                                |   | **Aug. 30,  2003**      |       | **Aug. 31,  2002**    | ** ** | **Aug. 30,  2003** | ** ** | **Aug. 31,  2002** | ** ** |
|                                                |   |                    |       |                  |       |   |   |   |   |
| Average shares of common stock outstanding          |   | 19,253                  |       | 19,095                |       | 19,223 |   | 19,062 |   |
| Dilutive  potential common shares                   |   | 294                     |       | 396                   |       | 206 |   | 411 |   |
| **Total adjusted average shares**                   |   | **19,547**              | ** ** | **19,491**            | ** ** | **19,429** | ** ** | **19,473** | ** ** |
|                                                |   |                    |       |                  |       |   |   |   |   |
| Earnings from  continuing operations                |   | $                       | 887        |                  | $          | 4,353 |   | $ | 584 |   | $ | 7,659 |   |
| Loss from discontinued  operations                  |   | —                  |       | (32,390               | )          | — |   | (72,134 | ) |
| **Net earnings (loss) applicable to common stock**  |   | **$**                   | **887**    | ** **            | **$**      | **(28,037** | **)** | **$** | **584** | ** ** | **$** | **(64,475** | **)** |
|                                                |   |                    |       |                  |       |   |   |   |   |
| Basic earnings (loss)  per share of common stock:   |   |                    |       |                  |       |   |   |   |   |
| Continuing operations                               |   | $                       | 0.05       |                  | $          | 0.23 |   | $ | 0.03 |   | $ | 0.40 |   |
| **Discontinued operations**                         |   | **—**              | ** ** | **(1.70**             | **)**      | **—** | ** ** | **(3.78** | **)** |
| Total                                               |   | $                       | 0.05       |                  | $          | (1.47 | ) | $ | 0.03 |   | $ | (3.38 | ) |
|                                                |   |                    |       |                  |       |   |   |   |   |
| Diluted earnings  (loss) per share of common stock: |   |                    |       |                  |       |   |   |   |   |
| Continuing operations                               |   | $                       | 0.05       |                  | $          | 0.22 |   | $ | 0.03 |   | $ | 0.39 |   |
| **Discontinued operations**                         |   | **—**              | ** ** | **(1.66**             | **)**      | **—** | ** ** | **(3.70** | **)** |
| Total                                               |   | $                       | 0.05       |                  | $          | (1.44 | ) | $ | 0.03 |   | $ | (3.31 | ) |

 

Basic earnings (loss) per share are computedby dividing net earnings (loss) by the weighted average number of shares ofcommon stock outstanding during the period.

 

Diluted earnings per share are computedsimilar to basic earnings per share except that the weighted average sharesoutstanding are increased to include additional shares from the assumedexercise of stock options, if dilutive. The number of additional shares is calculated by assuming thatoutstanding stock options were exercised and that the proceeds from such exerciseswere used to acquire shares of common stock at the average market price duringthe period.

 

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