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, ----------------------------------------------------- 2002 2001 ------------------------- ------------------------- Basic Diluted Basic Diluted ----------- ----------- ----------- ----------- Income applicable to common shares $ 86,941 $ 86,941 $ 59,777 $ 59,777 =========== =========== =========== =========== Shares: Weighted average common shares outstanding 89,268 89,268 83,668 83,668 Adjustments: Stock options - 3,294 - 2,584 ----------- ----------- ----------- ----------- Adjusted weighted average common shares outstanding 89,268 92,562 83,668 86,252 =========== =========== =========== =========== Earnings per common share $ 0.97 $ 0.94 $ 0.71 $ 0.69 =========== =========== =========== =========== For the Three Months Ended August 31, ----------------------------------------------------- 2002 2001 ------------------------- ------------------------- Basic Diluted Basic Diluted ----------- ----------- ----------- ----------- Income applicable to common shares $ 49,572 $ 49,572 $ 35,934 $ 35,934 =========== =========== =========== =========== Shares: Weighted average common shares outstanding 89,691 89,691 84,829 84,829 Adjustments: Stock options - 3,338 - 3,035 ----------- ----------- ----------- ----------- Adjusted weighted average common shares outstanding 89,691 93,029 84,829 87,864 =========== =========== =========== =========== Earnings per common share $ 0.55 $ 0.53 $ 0.42 $ 0.41 =========== =========== =========== ===========