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 ========= ========= ========= =========