EXHIBIT 11 ---------- CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Six Months Ended August 31, --------------------------------------- 1998 1997 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $29,387 $29,387 $22,411 $22,411 Adjustments -- -- -- -- ------- ------- ------- ------- Income applicable to common shares $29,387 $29,387 $22,411 $22,411 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,669 18,669 18,665 18,665 Adjustments: Stock options -- 499 -- 337 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,669 19,168 18,665 19,002 ------- ------- ------- ------- Earnings per common share $ 1.57 $ 1.53 $ 1.20 $ 1.18 ======= ======= ======= ======= For the Three Months Ended August 31, --------------------------------------- 1998 1997 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $15,772 $15,772 $12,365 $12,365 Adjustments -- -- -- -- ------- ------- ------- ------- Income applicable to common shares $15,772 $15,772 $12,365 $12,365 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,589 18,589 18,559 18,559 Adjustments: Stock options -- 462 -- 403 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,589 19,051 18,559 18,962 ------- ------- ------- ------- Earnings per common share $ 0.85 $ 0.83 $ 0.67 $ 0.65 ======= ======= ======= =======