EXHIBIT 11 ---------- CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Nine Months Ended November 30, --------------------------------------- 1999 1998 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $61,847 $61,847 $49,991 $49,991 Adjustments - - - - ------- ------- ------- ------- Income applicable to common shares $61,847 $61,847 $49,991 $49,991 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,023 18,023 18,412 18,412 Adjustments: Stock options - 479 - 469 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,023 18,502 18,412 18,881 ------- ------- ------- ------- Earnings per common share $ 3.43 $ 3.34 $ 2.72 $ 2.65 ======= ======= ======= ======= For the Three Months Ended November 30, --------------------------------------- 1999 1998 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $29,900 $29,900 $20,161 $20,161 Adjustments - - - - ------- ------- ------- ------- Income applicable to common shares $29,900 $29,900 $20,161 $20,161 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,083 18,083 17,892 17,892 Adjustments: Stock options - 568 - 433 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,083 18,651 17,892 18,325 ------- ------- ------- ------- Earnings per common share $ 1.65 $ 1.60 $ 1.13 $ 1.10 ======= ======= ======= =======