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, ------------------------------------------------ 2004 2003 ---------------------- ---------------------- Basic Diluted Basic Diluted --------- --------- --------- --------- 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 ========= ========= ========= ========= 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 ========= ========= ========= =========