Exhibit 12 INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (unaudited) (in thousands) THREE MONTHS ENDED May 31, May 31, 1997 1996 - ------------------------------------------------------------- Earnings (loss) before income taxes $ 2,857 $(1,082) Plus: Fixed charges (1) 7,766 6,680 Less: Capitalized interest (9) (9) - ------------------------------------------------------------- Earnings available to cover fixed charges $10,614 $ 5,589 ============================================================= Ratio of earnings to fixed charges(2) 1.37 .84 ============================================================= (1) Fixed charges consisted of the following: THREE MONTHS ENDED May 31, May 31, 1997 1996 - ------------------------------------------------------------- Interest expense, gross $5,422 $4,389 Rentals (Interest factor) 2,344 2,291 - ------------------------------------------------------------- Total fixed charges $7,766 $6,680 ============================================================= (2) For the three months ended May 31, 1996 earnings were inadequate to cover fixed charges by $1,091. The deficiency was the result of unusual items. Excluding the unusual items the ratio of earnings to fixed charges would have been 1.38 for the three months ended May 31, 1996.