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 28, February 29, 2002 2001 2000 -------------------- ------------------ ------------------ Basic Diluted Basic Diluted Basic Diluted --------- --------- -------- -------- -------- -------- Income before extraordinary item $ 137,975 $ 137,975 $ 97,342 $ 97,342 $ 77,375 $ 77,375 Extraordinary item, net of income taxes (1,554) (1,554) - - - - --------- --------- -------- -------- -------- -------- Income applicable to common shares $ 136,421 $ 136,421 $ 97,342 $ 97,342 $ 77,375 $ 77,375 ========= ========= ======== ======== ======== ======== Shares: Weighted average common shares outstanding 85,505 85,505 73,446 73,446 72,216 72,216 Adjustments: Stock options - 2,320 - 1,305 - 1,780 --------- --------- -------- -------- -------- -------- Adjusted weighted average common shares outstanding 85,505 87,825 73,446 74,751 72,216 73,996 ========= ========= ======== ======== ======== ======== Earnings per common share: Income before extraordinary item $ 1.62 $ 1.57 $ 1.33 $ 1.30 $ 1.07 $ 1.05 Extraordinary item, net of income taxes (0.02) (0.02) - - - - --------- --------- -------- -------- -------- -------- Earnings per common shares $ 1.60 $ 1.55 $ 1.33 $ 1.30 $ 1.07 $ 1.05 ========= ========= ======== ======== ======== ========