EXHIBIT 11.1 ------------ CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data)
For the Years Ended --------------------------------------------------------------------- February 28, February 29, February 28, 2001 2000 1999 ------------------- ------------------- ------------------- Basic Diluted Basic Diluted Basic Diluted -------- -------- -------- -------- -------- -------- Income before extraordinary item $ 97,342 $ 97,342 $ 77,375 $ 77,375 $ 61,909 $ 61,909 Extraordinary item, net of income taxes -- -- -- -- (11,437) (11,437) -------- -------- -------- -------- -------- -------- Income applicable to common shares $ 97,342 $ 97,342 $ 77,375 $ 77,375 $ 50,472 $ 50,472 ======== ======== ======== ======== ======== ======== Shares: Weighted average common shares outstanding 36,723 36,723 36,108 36,108 36,587 36,587 Adjustments: Stock options -- 652 -- 890 -- 920 -------- -------- -------- -------- -------- -------- Adjusted weighted average common shares outstanding 36,723 36,375 36,108 36,998 36,587 37,507 ======== ======== ======== ======== ======== ======== Earnings per common share: Income before extraordinary item $ 2.65 $ 2.60 $ 2.14 $ 2.09 $ 1.69 $ 1.65 Extraordinary item, net of income taxes -- -- -- -- (0.31) (0.30) -------- -------- -------- -------- -------- -------- Earnings per common share $ 2.65 $ 2.60 $ 2.14 $ 2.09 $ 1.38 $ 1.35 ======== ======== ======== ======== ======== ========