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

For the Six Months Ended August 31, --------------------------------------------------------------- 1997 1996 -------------------------- -------------------------- Fully Fully Net income per common and common equivalent share: Primary Diluted Primary Diluted ------- ------- ------- ------- Net income available to common and common equivalent shares $ 22,411 $ 22,411 $ 13,442 $ 13,442 Adjustments -- -- -- -- -------- -------- -------- -------- Net income available to common and common equivalent shares $ 22,411 $ 22,411 $ 13,442 $ 13,442 ======== ======== ======== ======== Shares: Weighted average common shares outstanding 18,665 18,665 19,553 19,553 Adjustments: (1) Assumed exercise of incentive stock options 571 750 204 204 (2) Assumed exercise of stock options -- 1 38 38 -------- -------- -------- -------- Weighted average common and common equivalent shares outstanding 19,236 19,416 19,795 19,795 ======== ======== ======== ======== Net income per common and common equivalent share $ 1.17 $ 1.15 $ 0.68 $ 0.68 ======== ======== ======== ========

For the Three Months Ended August 31, --------------------------------------------------------------- 1997 1996 -------------------------- -------------------------- Fully Fully Net income per common and common equivalent share: Primary Diluted Primary Diluted ------- ------- ------- ------- Net income available to common and common equivalent shares $ 12,365 $ 12,365 $ 4,941 $ 4,941 Adjustments -- -- -- -- -------- -------- -------- -------- Net income available to common and common equivalent shares $ 12,365 $ 12,365 $ 4,941 $ 4,941 ======== ======== ======== ======== Shares: Weighted average common shares outstanding 18,559 18,559 19,477 19,477 Adjustments: (1) Assumed exercise of incentive stock options 683 758 152 152 (2) Assumed exercise of stock options -- 1 24 24 -------- -------- -------- -------- Weighted average common and common equivalent shares outstanding 19,242 19,318 19,653 19,653 ======== ======== ======== ======== Net income per common and common equivalent share $ 0.64 $ 0.64 $ 0.25 $ 0.25 ======== ======== ======== ========