EXHIBIT 11 ---------- CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Six Months Ended August 31, --------------------------------------- 2000 1999 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $44,012 $44,012 $31,947 $31,947 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 18,265 18,265 17,994 17,994 Adjustments: Stock options - 356 - 465 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,265 18,621 17,994 18,459 ======= ======= ======= ======= Earnings per common share $ 2.41 $ 2.36 $ 1.78 $ 1.73 ======= ======= ======= ======= For the Three Months Ended August 31, --------------------------------------- 2000 1999 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $26,110 $26,110 $21,101 $21,101 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 18,300 18,300 18,010 18,010 Adjustments: Stock options - 364 - 489 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,300 18,664 18,010 18,499 ======= ======= ======= ======= Earnings per common share $ 1.43 $ 1.40 $ 1.17 $ 1.14 ======= ======= ======= =======