Exhibit 11 INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES Schedule of Computation of Earnings per Share (unaudited) (in thousands, except per share amounts) THREE MONTHS ENDED SIX MONTHS ENDED Aug. 31, Aug. 31, Aug. 31, Aug. 31, 1994 1993 1994 1993 Average shares of common stock outstanding 17,903 19,232 18,006 19,258 Common stock equivalents 7 123 14 157 Total common stock and equivalents assuming full dilution 17,910 19,355 18,020 19,415 Net earnings (loss) $31,360 $(27,170) $34,397 $(20,788) Less dividends on redeemable preferred stock (42) (44) (84) (88) Net earnings (loss) applicable to common stock $31,318 $(27,214) $34,313 $(20,876) Earnings (loss) per share of common stock: Primary $ 1.74 $ (1.41) $ 1.91 $ (1.08) Fully diluted $ 1.74 $ (1.41) $ 1.90 $ (1.08) Primary earnings per share has been computed by dividing net earnings, after deduction of preferred stock dividends, by the weighted average number of shares of common stock outstanding during the period. Common stock options and other common stock equivalents have not entered into the primary earnings per share computations since their effect is not significant. Fully diluted earnings per share has been computed assuming issuance of all shares for stock options deemed to be common stock equivalents, using the treasury stock method.