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, --------------------------------------- 2001 2000 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $59,777 $59,777 $44,012 $44,012 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 41,834 41,834 36,530 36,530 Adjustments: Stock options - 1,292 - 713 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 41,834 43,126 36,530 37,243 ======= ======= ======= ======= Earnings per common share $ 1.43 $ 1.39 $ 1.20 $ 1.18 ======= ======= ======= ======= For the Three Months Ended August 31, --------------------------------------- 2001 2000 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $35,934 $35,934 $26,110 $26,110 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 42,414 42,414 36,600 36,600 Adjustments: Stock options - 1,518 - 728 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 42,414 43,932 37,328 37,328 ======= ======= ======= ======= Earnings per common share $ 0.85 $ 0.82 $ 0.71 $ 0.70 ======= ======= ======= =======