Exhibit 12 INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (dollars in thousands) Years Ended February 28, February 28, February 28, February 29, February 28, 1995 1994 1993 1992 1991 Earnings (loss) before income taxes and cumulative effect of accounting change (1) $71,739 $(12,717) $64,331 $ 69,477 $66,227 Plus: Fixed charges (2) 25,490 22,604 24,550 32,228 34,681 Less: Capitalized interest (317) (746) (1,144) (1,294) (2,132) Earnings available to cover fixed charges $96,912 $ 9,141 $87,737 $100,411 $98,776 Ratio of earnings to fixed charges (3) 3.80 .40 3.57 3.12 2.85 (1) Earnings (loss) before income taxes have been adjusted to reflect income received (but not undistributed amounts) from less-than-fifty-percent- owned persons. Earnings (loss) before income taxes have also been adjusted to exclude losses from less-than-fifty-percent-owned persons. (2) Fixed charges consist of the following: Years Ended February 28, February 28, February 28, February 29, February 28, 1995 1994 1993 1992 1991 Interest expense, gross $16,287 $13,181 $14,592 $21,573 $24,459 Rentals (1/3) 9,203 9,423 9,958 10,655 10,222 Total $25,490 $22,604 $24,550 $32,228 $34,681 (3) For the year ended February 28, 1994, earnings were inadequate to cover fixed charges. The resulting deficiency was $13,463 for fiscal 1994. The deficiency was the result of unusual items which are described in Note 4 to the consolidated financial statements. Exclusive of these unusual items, the ratio of earnings to fixed charges would have been 3.50 for the year ended February 28, 1994.