EXHIBIT 11 ---------- CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) February 29, February 28, February 28, 2004 2003 2002 -------------------- -------------------- -------------------- Basic Diluted Basic Diluted Basic Diluted --------- --------- --------- --------- --------- --------- Net income $ 220,414 $ 220,414 $ 203,306 $ 203,306 $ 136,421 $ 136,421 Dividends on preferred stock (5,746) (5,746) - - - - --------- --------- --------- --------- --------- --------- Income available to common stockholders $ 214,668 $ 214,668 $ 203,306 $ 203,306 $ 136,421 $ 136,421 ========= ========= ========= ========= ========= ========= Shares: Weighted average common shares outstanding 100,702 100,702 89,856 89,856 85,505 85,505 Adjustments: Stock options - 3,314 - 2,890 - 2,320 Preferred stock - 2,932 - - - - --------- --------- --------- --------- --------- --------- Adjusted weighted average common shares outstanding 100,702 106,948 89,856 92,746 85,505 87,825 ========= ========= ========= ========= ========= ========= Earnings per common share $ 2.13 $ 2.06 $ 2.26 $ 2.19 $ 1.60 $ 1.55 ========= ========= ========= ========= ========= =========