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,
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2003 2002
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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
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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 - -
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Adjusted weighted average common
shares outstanding 95,726 99,916 89,268 92,550
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Earnings per common share $ 0.77 $ 0.75 $ 0.97 $ 0.94
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For the Three Months Ended August 31,
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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
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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
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Earnings per common share $ 0.35 $ 0.34 $ 0.55 $ 0.53
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