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
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Basic Diluted Basic Diluted
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Net income $ 51,329 $ 51,329 $ 39,189 $ 39,189
Dividends on preferred stock (2,451) - - -
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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 - -
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Adjusted weighted average common
shares outstanding 106,778 115,062 92,880 95,661
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Earnings per common share $ 0.46 $ 0.45 $ 0.42 $ 0.41
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