EXHIBIT 11 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE (in thousands, except per share data) (unaudited)

For the Three Months Ended May 31, ------------------------------------------------------- 1996 1995 --------------------------- ------------------------ FULLY FULLY Net income per common and common equivalent share: PRIMARY DILUTED PRIMARY DILUTED Net income available to common and common equivalent shares $ 8,501 $ 8,501 $ 10,637 $ 10,637 Adjustments -- -- -- -- --------- --------- --------- -------- Net income available to common and common equivalent shares $ 8,501 $ 8,501 $ 10,637 $ 10,637 ========= ========= ========= ======== Shares: Weighted average common shares outstanding 19,629 19,629 19,532 19,532 Adjustments: (1) Assumed exercise of incentive stock options 210 210 290 303 (2) Assumed exercise of stock options 57 57 153 177 --------- --------- --------- -------- Weighted average common and common equivalent shares outstanding 19,896 19,896 19,975 20,012 ========= ========= ========= ======== Net income per common and common equivalent share $ .43 $ .43 $ .53 $ .53 ========= ========= ========= ========