EXHIBIT 11 ---------- CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Nine Months Ended November 30, --------------------------------------- 1998 1997 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $49,037 $49,037 $40,022 $40,022 Adjustments -- -- -- -- ------- ------- ------- ------- Income applicable to common shares $49,037 $49,037 $40,022 $40,022 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,412 18,412 18,663 18,663 Adjustments: Stock options -- 469 -- 391 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,412 18,881 18,663 19,054 ------- ------- ------- ------- Earnings per common share $ 2.66 $ 2.60 $ 2.14 $ 2.10 ======= ======= ======= ======= For the Three Months Ended November 30, --------------------------------------- 1998 1997 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $19,650 $19,650 $17,611 $17,611 Adjustments -- -- -- -- ------- ------- ------- ------- Income applicable to common shares $19,650 $19,650 $17,611 $17,611 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 17,892 17,892 18,659 18,659 Adjustments: Stock options -- 433 -- 522 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 17,892 18,325 18,659 19,181 ------- ------- ------- ------- Earnings per common share $ 1.10 $ 1.07 $ 0.94 $ 0.92 ======= ======= ======= =======