**Exhibit 11**

 

INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES

 

Computation of Earnings (loss) per Common Share

(unaudited)

 

(in thousands, except per share amounts)

 
|                                                |   | **THREE  MONTHS ENDED** |       | **NINE  MONTHS ENDED** |       |
|-----------------------------------------------------|--------|-------------------------|------------|------------------------|------------|
|                                                |   | **Nov. 30,  2002**      |       | **Dec. 1,  2001**      |       | **Nov. 30,  2002** |   | **Dec. 1,  2001** |   |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Average shares of common stock outstanding          |   | 19,131                  |       | 18,862                 |       | 19,085 |   | 18,813 |   |
| Dilutive  potential common shares                   |   | 196                     |       | —                 |       | 328 |   | 228 |   |
| **Total adjusted average shares**                   |   | **19,327**              | ** ** | **18,862**             | ** ** | **19,413** | ** ** | **19,041** | ** ** |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Earnings (loss) from  continuing operations         |   | $                       | 12,754     |                   | $          | (1,836 | ) | $ | 20,413 |   | $ | 742 |   |
| Earnings (loss) from  discontinued operations       |   | (2,155                  | )          | 1,283                  |       | (74,289 | ) | 3,585 |   |
| **Net earnings (loss) applicable to common stock**  |   | **$**                   | **10,599** | ** **             | **$**      | **(553** | **)** | **$** | **(53,876** | **)** | **$** | **4,327** | ** ** |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Basic earnings (loss)  per share of common stock:   |   |                    |       |                   |       |   |   |   |   |
| Continuing operations                               |   | $                       | 0.67       |                   | $          | (0.10 | ) | $ | 1.07 |   | $ | 0.04 |   |
| **Discontinued operations**                         |   | **(0.12**               | **)**      | **0.07**               | ** ** | **(3.89** | **)** | **0.19** | ** ** |
| Total                                               |   | $                       | 0.55       |                   | $          | (0.03 | ) | $ | (2.82 | ) | $ | 0.23 |   |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Diluted earnings  (loss) per share of common stock: |   |                    |       |                   |       |   |   |   |   |
| Continuing operations                               |   | $                       | 0.66       |                   | $          | (0.10 | ) | $ | 1.05 |   | $ | 0.04 |   |
| **Discont**inued operations                         |   | **(0.11**               | **)**      | **0.07**               | ** ** | **(3.83** | **)** | **0.19** | ** ** |
| Total                                               |   | $                       | 0.55       |                   | $          | (0.03 | ) | $ | (2.78 | ) | $ | 0.23 |   |

 

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 shares outstandingare increased to include additional shares from the assumed exercise of stockoptions, if dilutive.  The number ofadditional shares is calculated by assuming that outstanding stock options wereexercised and that the proceeds from such exercises were used to acquire sharesof common stock at the average market price during the period.

 

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