EXHIBIT 11.1 ------------ CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data)
For the Year Ended February 29, For the Years Ended February 28, ------------------- ------------------------------------------ 2000 1999 1998 ------------------- ------------------- ------------------- Basic Diluted Basic Diluted Basic Diluted -------- -------- -------- -------- -------- -------- Income before extraordinary item $ 77,375 $ 77,375 $ 61,909 $ 61,909 $ 47,130 $ 47,130 Extraordinary item, net of income taxes -- -- (11,437) (11,437) -- -- -------- -------- -------- -------- -------- -------- Income applicable to common shares $ 77,375 $ 77,375 $ 50,472 $ 50,472 $ 47,130 $ 47,130 ======== ======== ======== ======== ======== ======== Shares: Weighted average common shares outstanding 18,054 18,054 18,293 18,293 18,672 18,672 Adjustments: Stock options -- 445 -- 461 -- 433 -------- -------- -------- -------- -------- -------- Adjusted weighted average common shares outstanding 18,054 18,499 18,293 18,754 18,672 19,105 ======== ======== ======== ======== ======== ======== Earnings per common share: Income before extraordinary item $ 4.29 $ 4.18 $ 3.38 $ 3.30 $ 2.52 $ 2.47 Extraordinary item -- -- (0.62) (0.61) -- -- -------- -------- -------- -------- -------- -------- Earnings per common share $ 4.29 $ 4.18 $ 2.76 $ 2.69 $ 2.52 $ 2.47 ======== ======== ======== ======== ======== ========