**Exhibit 11**

 

 

INTERNATIONAL MULTIFOODSCORPORATION AND SUBSIDIARIES

 

Computation of Earnings(loss) per Common Share

(unaudited)

 

(in thousands, except pershare amounts)

 

 

 

 
|                                               |   | **THREE  MONTHS ENDED** |    | **SIX MONTHS  ENDED** |   |
|----------------------------------------------------|--------|-------------------------|---------|-----------------------|--------|
|                                               |   | **Aug. 31, 2002**       |    | **Sept. 1, 2001**     |   | **Aug. 31, 2002** |   | **Sept. 1, 2001** |   |
| Average shares  of common stock outstanding        |   | 19,095                  |    | 18,816                |   | 19,062 |   | 18,789 |   |
| Dilutive potential common shares                   |   | 396                     |    | 245                   |   | 411 |   | 228 |   |
| Total adjusted average shares                      |   | 19,491                  |    | 19,061                |   | 19,473 |   | 19,017 |   |
|                                               |   |                    |    |                  |   |   |   |   |   |
| Earnings from continuing operations                |   | $                       | 4,353   |                  | $      | 1,799 |   | $ | 7,659 |   | $ | 2,578 |   |
| Earnings (loss) from discontinued operations       |   | (32,390                 | )       | 995                   |   | (72,134 | ) | 2,302 |   |
| Net earnings (loss) applicable  to common stock    |   | $                       | (28,037 | )                     | $      | 2,794 |   | $ | (64,475 | ) | $ | 4,880 |   |
|                                               |   |                    |    |                  |   |   |   |   |   |
| Basic earnings (loss) per share of common stock:   |   |                    |    |                  |   |   |   |   |   |
| Continuing operations                              |   | $                       | 0.23    |                  | $      | 0.10 |   | $ | 0.40 |   | $ | 0.14 |   |
| Discontinued operations                            |   | (1.70                   | )       | 0.05                  |   | (3.78 | ) | 0.12 |   |
| Total                                              |   | $                       | (1.47   | )                     | $      | 0.15 |   | $ | (3.38 | ) | $ | 0.26 |   |
|                                               |   |                    |    |                  |   |   |   |   |   |
| Diluted earnings (loss) per share of common stock: |   |                    |    |                  |   |   |   |   |   |
| Continuing operations                              |   | $                       | 0.22    |                  | $      | 0.09 |   | $ | 0.39 |   | $ | 0.14 |   |
| Discontinued operations                            |   | (1.66                   | )       | 0.06                  |   | (3.70 | ) | 0.12 |   |
| Total                                              |   | $                       | (1.44   | )                     | $      | 0.15 |   | $ | (3.31 | ) | $ | 0.26 |   |

 

Basic earnings(loss) per share are computed by dividing net earnings (loss) by the weightedaverage number of shares of common stock outstanding during the period.

 

Diluted earningsper share are computed similar to basic earnings per share except that theweighted average shares outstanding are increased to include additional sharesfrom 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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