Exhibit 11
INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES
Computation of Earnings (Loss) per Common Share
(unaudited)
(in thousands, except per share amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
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Aug. 31, Aug. 31, Aug. 31, Aug. 31,
1998 1997 1998 1997
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Average shares of
common stock outstanding 18,769 18,234 18,766 18,125
Common stock equivalents 161 280 - 193
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Total common stock and equivalents
assuming full dilution 18,930 18,514 18,766 18,318
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Earnings (loss) from continuing
operations $ 4,588 $ 6,066 $ (10,027) $ 7,013
Loss from discontinued operations (119,236) (1,527) (128,922) (474)
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Net earnings (loss)
applicable to common stock $(114,648) $ 4,539 $(138,949) $ 6,539
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Basic earnings (loss) per share:
Continuing operations $ .24 $ .33 $ (.53) $ .39
Discontinued operations (6.35) (.08) (6.87) (.03)
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Total $ (6.11) $ .25 $ (7.40) $ (.36)
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Diluted earnings (loss) per share:
Continuing operations $ .24 $ .33 $ (.53) $ .38
Discontinued operations (6.30) (.08) (6.87) (.02)
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Total $ (6.06) $ .25 $ (7.40) $ (.36)
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Basic earnings (loss) per share are computed by dividing net earnings (loss) by
the weighted average number of shares of common stock outstanding during the
period.
Diluted earnings per share are computed similar to basic earnings per share
except that the weighted average shares outstanding are 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 the proceeds from such exercises were used to acquire
shares of common stock at the average market price during the period.