Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 15, 2003

EXHIBIT 11

Published on October 15, 2003





EXHIBIT 11

CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(in thousands, except per share data)


For the Six Months Ended August 31,
------------------------------------------
2003 2002
------------------- --------------------
Basic Diluted Basic Diluted
--------- --------- --------- ---------

Net income $ 74,753 $ 74,753 $ 86,941 $ 86,941
Dividends on preferred stock (844) - - -
--------- --------- --------- ---------
Income available to common stockholders $ 73,909 $ 74,753 $ 86,941 $ 86,941
========= ========= ========= =========

Shares:
Weighted average common shares
outstanding 95,726 95,726 89,268 89,268
Adjustments:
Stock options - 3,101 - 3,282
Preferred stock - 1,089 - -
--------- --------- --------- ---------
Adjusted weighted average common
shares outstanding 95,726 99,916 89,268 92,550
========= ========= ========= =========

Earnings per common share $ 0.77 $ 0.75 $ 0.97 $ 0.94
========= ========= ========= =========


For the Three Months Ended August 31,
------------------------------------------
2003 2002
------------------- --------------------
Basic Diluted Basic Diluted
--------- --------- --------- ---------
Net income $ 35,564 $ 35,564 $ 49,572 $ 49,572
Dividends on preferred stock (844) - - -
--------- --------- --------- ---------
Income available to common stockholders $ 34,720 $ 35,564 $ 49,572 $ 49,572
========= ========= ========= =========

Shares:
Weighted average common shares
outstanding 98,572 98,572 89,691 89,691
Adjustments:
Stock options - 3,381 - 3,338
Preferred stock - 2,178 - -
--------- --------- --------- ---------
Adjusted weighted average common
shares outstanding 98,572 104,131 89,691 93,029
========= ========= ========= =========

Earnings per common share $ 0.35 $ 0.34 $ 0.55 $ 0.53
========= ========= ========= =========