Exhibit 11

INTERNATIONAL MULTIFOODS CORPORATION AND SUBSIDIARIES

Computation of Earnings (Loss) per Common Share

(unaudited)

(in thousands, except per share amounts)

	THREE MONTHS ENDED					NINE MONTHS ENDED
	Nov. 29, 2003		Nov. 30, 2002			Nov. 29, 2003		Nov. 30, 2002
Average shares of common stock outstanding	19,306		19,131			19,251		19,085
Dilutive potential common shares	300		196			274		328
Total adjusted average shares	19,606		19,327			19,525		19,413
Earnings from continuing operations	$	14,233	$	12,754		$	14,817	$	20,413
Loss from discontinued operations	—		(2,155		)	—		(74,289		)
Net earnings (loss) applicable to common stock	$	14,233	$	10,599		$	14,817	$	(53,876	)
Basic earnings (loss) per share of common stock:
Continuing operations	$	0.74	$	0.67		$	0.77	$	1.07
Discontinued operations	—		(0.12		)	—		(3.89		)
Total	$	0.74	$	0.55		$	0.77	$	(2.82	)
Diluted earnings (loss) per share of common stock:
Continuing operations	$	0.73	$	0.66		$	0.76	$	1.05
Discontinued operations	—		(0.11		)	—		(3.83		)
Total	$	0.73	$	0.55		$	0.76	$	(2.78	)

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 that the proceeds from such exercises were used to acquire shares of common stock at the average market price during the period.