Exhibit 12 INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES Schedule of Computation of Ratio of Earnings to Fixed Charges (unaudited) (dollars in thousands) THREE MONTHS ENDED SIX MONTHS ENDED Aug. 31, Aug. 31, Aug. 31, Aug. 31, 1994 1993 1994 1993 Earnings (loss) before income taxes (1) $35,753 $(32,676) $40,815 $(22,691) Plus: Fixed charges (2) 5,069 5,589 11,078 11,426 Less: Capitalized interest (91) (84) (169) (173) Earnings available to cover fixed charges (3) $40,731 $ N/A $51,724 $ N/A Ratio of earnings to fixed charges (3) 8.04 N/A 4.67 N/A (1) Losses before income taxes have been adjusted to exclude losses from less- than-fifty-percent-owned subsidiaries. (2) Fixed charges consisted of the following: THREE MONTHS ENDED SIX MONTHS ENDED Aug. 31, Aug. 31, Aug. 31, Aug. 31, 1994 1993 1994 1993 Interest expense, gross $2,949 $3,242 $ 6,644 $ 6,618 Rentals (1/3) 2,120 2,347 4,434 4,808 Total fixed charges $5,069 $5,589 $11,078 $11,426 (3) For the three months and six months ended August 31, 1993, earnings are inadequate to cover fixed charges. The resulting deficiency is $32,760 for the three months ended August 31, 1993 and $22,864 for the six months ended August 31, 1993. The deficiency is the result of unusual items. Exclusive of unusual items, the ratio of earnings available to cover fixed charges would have been 3.63 and 3.15 for the three months and six months ended August 31, 1993, respectively.