EX-11 4 doc3.txt EXHIBIT 11 ----------
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Nine Months Ended November 30, ----------------------------------------------- 2003 2002 ---------------------- ---------------------- Basic Diluted Basic Diluted --------- --------- --------- --------- Net income $ 157,593 $ 157,593 $ 151,285 $ 151,285 Dividends on preferred stock (3,294) - - - --------- --------- --------- --------- Income available to common stockholders $ 154,299 $ 157,593 $ 151,285 $ 151,285 ========= ========= ========= ========= 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 - - --------- --------- --------- --------- Adjusted weighted average common shares outstanding 98,902 104,559 89,617 92,669 ========= ========= ========= ========= Earnings per common share $ 1.56 $ 1.51 $ 1.69 $ 1.63 ========= ========= ========= ========= For the Three Months Ended November 30, ----------------------------------------------- 2003 2002 ---------------------- ---------------------- Basic Diluted Basic Diluted --------- --------- --------- --------- Net income $ 82,840 $ 82,840 $ 64,344 $ 64,344 Dividends on preferred stock (2,450) - - - --------- --------- --------- --------- Income available to common stockholders $ 80,390 $ 82,840 $ 64,344 $ 64,344 ========= ========= ========= ========= 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 - - --------- --------- --------- --------- Adjusted weighted average common shares outstanding 105,323 114,196 90,323 93,083 ========= ========= ========= ========= Earnings per common share $ 0.76 $ 0.73 $ 0.71 $ 0.69 ========= ========= ========= =========