EXHIBIT 11 CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Three Months Ended May 31, ----------------------------------- 1998 1997 ---------------- ---------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $13,615 $13,615 $10,046 $10,046 Adjustments -- -- -- -- ------- ------- ------- ------- Income applicable to common shares $13,615 $13,615 $10,046 $10,046 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,748 18,748 18,770 18,770 Adjustments: Stock options -- 580 -- 275 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,748 19,328 18,770 19,045 ------- ------- ------- ------- Earnings per common share $ 0.73 $ 0.70 $ 0.54 $ 0.53 ======= ======= ======= =======