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 Nine Months Ended November 30,
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2003 2002
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Basic Diluted Basic Diluted
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Net income $ 157,593 $ 157,593 $ 151,285 $ 151,285
Dividends on preferred stock (3,294) - - -
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Income available to common stockholders $ 154,299 $ 157,593 $ 151,285 $ 151,285
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Shares:
Weighted average common shares
outstanding 98,902 98,902 89,617 89,617
Adjustments:
Stock options - 3,227 - 3,052
Preferred stock - 2,430 - -
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Adjusted weighted average common
shares outstanding 98,902 104,559 89,617 92,669
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Earnings per common share $ 1.56 $ 1.51 $ 1.69 $ 1.63
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For the Three Months Ended November 30,
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2003 2002
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Basic Diluted Basic Diluted
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Net income $ 82,840 $ 82,840 $ 64,344 $ 64,344
Dividends on preferred stock (2,450) - - -
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Income available to common stockholders $ 80,390 $ 82,840 $ 64,344 $ 64,344
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Shares:
Weighted average common shares
outstanding 105,323 105,323 90,323 90,323
Adjustments:
Stock options - 3,484 - 2,760
Preferred stock - 5,389 - -
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Adjusted weighted average common
shares outstanding 105,323 114,196 90,323 93,083
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Earnings per common share $ 0.76 $ 0.73 $ 0.71 $ 0.69
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