EXHIBIT 11 ----------
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) February 28, February 28, February 28, 2003 2002 2001 -------------------- -------------------- -------------------- Basic Diluted Basic Diluted Basic Diluted --------- --------- --------- --------- --------- --------- Income before extraordinary item $ 203,306 $ 203,306 $ 137,975 $ 137,975 $ 97,342 $ 97,342 Extraordinary item, net of income taxes - - (1,554) (1,554) - - --------- --------- --------- --------- --------- --------- Income applicable to common shares $ 203,306 $ 203,306 $ 136,421 $ 136,421 $ 97,342 $ 97,342 ========= ========= ========= ========= ========= ========= Shares: Weighted average common shares outstanding 89,856 89,856 85,505 85,505 73,446 73,446 Adjustments: Stock options - 2,890 - 2,320 - 1,305 --------- --------- --------- --------- --------- --------- Adjusted weighted average common shares outstanding 89,856 92,746 85,505 87,825 73,446 74,751 ========= ========= ========= ========= ========= ========= Earnings per common share: Income before extraordinary item $ 2.26 $ 2.19 $ 1.62 $ 1.57 $ 1.33 $ 1.30 Extraordinary item, net of income taxes - - (0.02) (0.02) - - --------- --------- --------- --------- --------- --------- Earnings per common share $ 2.26 $ 2.19 $ 1.60 $ 1.55 $ 1.33 $ 1.30 ========= ========= ========= ========= ========= =========