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