EXHIBIT 11
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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(in thousands, except per share data)
For the Nine Months Ended November 30,
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2002 2001
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Basic Diluted Basic Diluted
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Income applicable to common shares $151,285 $151,285 $109,420 $109,420
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Shares:
Weighted average common shares
outstanding 89,617 89,617 84,724 84,724
Adjustments:
Stock options - 3,052 - 2,416
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Adjusted weighted average common
shares outstanding 89,617 92,669 84,724 87,140
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Earnings per common share $ 1.69 $ 1.63 $ 1.29 $ 1.26
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For the Three Months Ended November 30,
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2002 2001
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Basic Diluted Basic Diluted
-------- -------- -------- --------
Income applicable to common shares $ 64,344 $ 64,344 $ 49,643 $ 49,643
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Shares:
Weighted average common shares
outstanding 90,323 90,323 86,858 86,858
Adjustments:
Stock options - 2,760 - 2,619
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Adjusted weighted average common
shares outstanding 90,323 93,083 86,858 89,477
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Earnings per common share $ 0.71 $ 0.69 $ 0.57 $ 0.55
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