Exhibit 11
INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES
Computation of Earnings (Loss) Per Common Share
(dollars in thousands, except per share amounts)
Years Ended
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February 29, February 28, February 28, February 28, February 29,
2000 1999 1998 1997 1996
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Average shares of common
stock outstanding 18,751,826 18,758,621 18,385,262 17,982,348 17,964,688
Dilutive potential common shares 34,246 144,722 233,791 - 49,358
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Total adjusted average shares 18,786,072 18,903,343 18,619,053 17,982,348 18,014,046
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Earnings (loss) from continuing
operations $ 24,695 $ 6,832 $24,674 $(11,374) $15,017
Earnings (loss) from discontinued
operations (19,560) (138,702) (4,650) 14,154 9,058
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Net earnings (loss) 5,135 (131,870) 20,024 2,780 24,075
Less dividends on preferred stock - - - - 260
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Net earnings (loss) applicable
to common stock $ 5,135 $(131,870) $20,024 $ 2,780 $23,815
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Basic earnings (loss) per share:
Continuing operations $ 1.32 $ 0.36 $ 1.34 $ (0.63) $ 0.82
Discontinued operations (1.05) (7.39) (0.25) 0.78 0.51
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Total $ 0.27 $ (7.03) $ 1.09 $ 0.15 $ 1.33
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Diluted earnings (loss) per share:
Continuing operations $ 1.31 $ 0.36 $ 1.33 $ (0.63) $ 0.82
Discontinued operations (1.04) (7.34) (0.25) 0.78 0.50
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Total $ 0.27 $ (6.98) $ 1.08 $ 0.15 $ 1.32
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Basic earnings (loss) per share is computed by dividing net earnings
(loss), after deduction of preferred stock dividends, by the weighted
average number of shares of common stock outstanding during the year.
Diluted earnings per share is computed similar to basic earnings per
share except that the weighted average shares outstanding is increased
to include additional shares from the assumed exercise of stock options,
if dilutive. The number of additional shares is calculated by assuming
that outstanding stock options were exercised and that the proceeds from
such exercises were used to acquire shares of common stock at the
average market price during the year.