Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

July 12, 2004

Published on July 12, 2004





EXHIBIT 11

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


For the Three Months Ended May 31,
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2004 2003
---------------------- ----------------------
Basic Diluted Basic Diluted
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Net income $ 51,329 $ 51,329 $ 39,189 $ 39,189
Dividends on preferred stock (2,451) - - -
--------- --------- --------- ---------
Income available to common stockholders $ 48,878 $ 51,329 $ 39,189 $ 39,189
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Shares:
Weighted average common shares
outstanding 106,778 106,778 92,880 92,880
Adjustments:
Stock options - 3,292 - 2,781
Preferred stock - 4,992 - -
--------- --------- --------- ---------
Adjusted weighted average common
shares outstanding 106,778 115,062 92,880 95,661
========= ========= ========= =========

Earnings per common share $ 0.46 $ 0.45 $ 0.42 $ 0.41
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