**Exhibit 11**

 

INTERNATIONALMULTIFOODS CORPORATION AND SUBSIDIARIES

 

Computation ofEarnings (Loss) per Common Share

(unaudited)

 

(in thousands,except per share amounts)

 

 
|                                                |   | **THREE  MONTHS ENDED** |       | **NINE  MONTHS ENDED** |       |
|-----------------------------------------------------|--------|-------------------------|------------|------------------------|------------|
|                                                |   | **Nov. 29,  2003**      |       | **Nov. 30,  2002**     | ** ** | **Nov. 29,  2003** | ** ** | **Nov. 30,  2002** | ** ** |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Average  shares of common  stock outstanding        |   | 19,306                  |       | 19,131                 |       | 19,251 |   | 19,085 |   |
| Dilutive potential  common shares                   |   | 300                     |       | 196                    |       | 274 |   | 328 |   |
| **Total adjusted average shares**                   |   | **19,606**              | ** ** | **19,327**             | ** ** | **19,525** | ** ** | **19,413** | ** ** |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Earnings from continuing operations                 |   | $                       | 14,233     |                   | $          | 12,754 |   | $ | 14,817 |   | $ | 20,413 |   |
| Loss from discontinued operations                   |   | —                  |       | (2,155                 | )          | — |   | (74,289 | ) |
| **Net earnings (loss) applicable to common stock**  |   | **$**                   | **14,233** | ** **             | **$**      | **10,599** | ** ** | **$** | **14,817** | ** ** | **$** | **(53,876** | **)** |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Basic earnings (loss) per share of common  stock:   |   |                    |       |                   |       |   |   |   |   |
| Continuing operations                               |   | $                       | 0.74       |                   | $          | 0.67 |   | $ | 0.77 |   | $ | 1.07 |   |
| **Discontinued operations**                         |   | **—**              | ** ** | **(0.12**              | **)**      | **—** | ** ** | **(3.89** | **)** |
| Total                                               |   | $                       | 0.74       |                   | $          | 0.55 |   | $ | 0.77 |   | $ | (2.82 | ) |
|                                                |   |                    |       |                   |       |   |   |   |   |
| Diluted earnings (loss) per share of  common stock: |   |                    |       |                   |       |   |   |   |   |
| Continuing operations                               |   | $                       | 0.73       |                   | $          |  0.66 |   | $ | 0.76 |   | $ | 1.05 |   |
| **Discontinued operations**                         |   | **—**              | ** ** | **(0.11**              | **)**      | **—** | ** ** | **(3.83** | **)** |
| Total                                               |   | $                       | 0.73       |                   | $          | 0.55 |   | $ | 0.76 |   | $ | (2.78 | ) |

 

Basicearnings (loss) per share are computed by dividing net earnings (loss) by theweighted average number of shares of common stock outstanding during theperiod.

 

Dilutedearnings per share are computed similar to basic earnings per share except thatthe weighted average shares outstanding are increased to include additionalshares from the assumed exercise of stock options, if dilutive.  The number of additional shares iscalculated by assuming that outstanding stock options were exercised and thatthe proceeds from such exercises were used to acquire shares of common stock atthe average market price during the period.

 

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