Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

January 14, 1997

Published on January 14, 1997



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 Nine Months Ended November 30,
----------------------------------------------
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 $ 21,753 $ 21,753 $ 31,112 $ 31,112
Adjustments - - - -
--------- --------- --------- ---------
Net income available to common and common equivalent
shares $ 21,753 $ 21,753 $ 31,112 $ 31,112
========= ========= ========= =========
Shares:
Weighted average common shares outstanding 19,482 19,482 19,577 19,577
Adjustments:
(1) Assumed exercise of incentive stock options 363 363 282 282
(2) Assumed exercise of stock options 20 20 180 180
--------- --------- --------- ---------
Weighted average common and common equivalent shares
outstanding 19,865 19,865 20,039 20,039
========= ========= ========= =========
Net income per common and common equivalent share $ 1.10 $ 1.10 $ 1.55 $ 1.55
========= ========= ========= =========


For the Three Months Ended November 30,
----------------------------------------------
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 $ 8,311 $ 8,311 $ 10,412 $ 10,412
Adjustments - - - -
--------- --------- --------- ---------
Net income available to common and common equivalent
shares $ 8,311 $ 8,311 $ 10,412 $ 10,412
========= ========= ========= =========
Shares:
Weighted average common shares outstanding 19,337 19,337 19,605 19,605
Adjustments:
(1) Assumed exercise of incentive stock options 275 431 297 297
(2) Assumed exercise of stock options 6 11 202 202
--------- --------- --------- ---------
Weighted average common and common equivalent shares
outstanding 19,618 19,779 20,104 20,104
========= ========= ========= =========
Net income per common and common equivalent share $ .42 $ .42 $ .52 $ .52
========= ========= ========= =========