EXHIBIT 11 ---------- CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Three Months Ended May 31, --------------------------------------- 2003 2002 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $39,189 $39,189 $37,369 $37,369 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 92,880 92,880 88,845 88,845 Adjustments: Stock options - 2,781 - 3,508 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 92,880 95,661 88,845 92,353 ======= ======= ======= ======= Earnings per common share $ 0.42 $ 0.41 $ 0.42 $ 0.40 ======= ======= ======= =======