EXHIBIT 11
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CANANDAIGUA BRANDS, 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,
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1997 1996
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Fully Fully
Net income per common and common equivalent share: Primary Diluted Primary Diluted
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Net income available to common and common equivalent
shares $40,022 $40,022 $21,753 $21,753
Adjustments -- -- -- --
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Net income available to common and common equivalent
shares $40,022 $40,022 $21,753 $21,753
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Shares:
Weighted average common shares outstanding 18,668 18,668 19,482 19,482
Adjustments:
(1) Assumed exercise of incentive stock options 656 841 363 363
(2) Assumed exercise of stock options -- 3 20 20
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Weighted average common and common equivalent
shares outstanding 19,324 19,512 19,865 19,865
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Net income per common and common equivalent share $ 2.07 $ 2.05 $ 1.10 $ 1.10
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For the Three Months Ended November 30,
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1997 1996
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Fully Fully
Net income per common and common equivalent share: Primary Diluted Primary Diluted
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Net income available to common and common equivalent
shares $17,611 $17,611 $ 8,311 $ 8,311
Adjustments -- -- -- --
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Net income available to common and common equivalent
shares $17,611 $17,611 $ 8,311 $ 8,311
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Shares:
Weighted average common shares outstanding 18,676 18,676 19,337 19,337
Adjustments:
(1) Assumed exercise of incentive stock options 866 884 275 431
(2) Assumed exercise of stock options 2 3 6 11
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Weighted average common and common equivalent
shares outstanding 19,544 19,563 19,618 19,779
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Net income per common and common equivalent share $ 0.90 $ 0.90 $ 0.42 $ 0.42
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