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 ========= ========= ========= =========