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, --------------------------------------- 1999 1998 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $10,846 $10,846 $13,099 $13,099 ======= ======= ======= ======= Shares: Weighted average common shares outstanding 17,977 17,977 18,748 18,748 Adjustments: Stock options - 470 - 580 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 17,977 18,447 18,748 19,328 ======= ======= ======= ======= Earnings per common share $ 0.60 $ 0.59 $ 0.70 $ 0.68 ======= ======= ======= =======