Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

July 15, 2003

Published on July 15, 2003


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 Three Months Ended May 31,
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2003 2002
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Basic Diluted Basic Diluted
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Income applicable to common shares $39,189 $39,189 $37,369 $37,369
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Shares:
Weighted average common shares
outstanding 92,880 92,880 88,845 88,845
Adjustments:
Stock options - 2,781 - 3,508
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Adjusted weighted average common
shares outstanding 92,880 95,661 88,845 92,353
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Earnings per common share $ 0.42 $ 0.41 $ 0.42 $ 0.40
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