EXHIBIT 11 ---------- CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Nine Months Ended November 30, --------------------------------------- 2000 1999 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $78,965 $78,965 $61,847 $61,847 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 18,308 18,308 18,023 18,023 Adjustments: Stock options - 334 - 479 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,308 18,642 18,023 18,502 ======= ======= ======= ======= Earnings per common share $ 4.31 $ 4.24 $ 3.43 $ 3.34 ======= ======= ======= ======= For the Three Months Ended November 30, --------------------------------------- 2000 1999 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $34,953 $34,953 $29,900 $29,900 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 18,394 18,394 18,083 18,083 Adjustments: Stock options - 340 - 568 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,394 18,734 18,083 18,651 ======= ======= ======= ======= Earnings per common share $ 1.90 $ 1.87 $ 1.65 $ 1.60 ======= ======= ======= =======