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 Nine Months Ended November 30, ---------------------------------------------------- 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 $40,022 $40,022 $21,753 $21,753 Adjustments -- -- -- -- ------- ------- ------- ------- Net income available to common and common equivalent shares $40,022 $40,022 $21,753 $21,753 ======= ======= ======= ======= 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 ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding 19,324 19,512 19,865 19,865 ======= ======= ======= ======= Net income per common and common equivalent share $ 2.07 $ 2.05 $ 1.10 $ 1.10 ======= ======= ======= ======= For the Three Months Ended November 30, ---------------------------------------------------- 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 $17,611 $17,611 $ 8,311 $ 8,311 Adjustments -- -- -- -- ------- ------- ------- ------- Net income available to common and common equivalent shares $17,611 $17,611 $ 8,311 $ 8,311 ======= ======= ======= ======= 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 ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding 19,544 19,563 19,618 19,779 ======= ======= ======= ======= Net income per common and common equivalent share $ 0.90 $ 0.90 $ 0.42 $ 0.42 ======= ======= ======= =======