EXHIBIT 11
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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
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Basic Diluted Basic Diluted Basic Diluted
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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) - -
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Income applicable to common shares $ 203,306 $ 203,306 $ 136,421 $ 136,421 $ 97,342 $ 97,342
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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
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Adjusted weighted average common shares
outstanding 89,856 92,746 85,505 87,825 73,446 74,751
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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) - -
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Earnings per common share $ 2.26 $ 2.19 $ 1.60 $ 1.55 $ 1.33 $ 1.30
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