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, --------------------------------------- 1999 1998 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $31,947 $31,947 $29,830 $29,830 Adjustments - - - - ------- ------- ------- ------- Income applicable to common shares $31,947 $31,947 $29,830 $29,830 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 17,994 17,994 18,669 18,669 Adjustments: Stock options - 465 - 499 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 17,994 18,459 18,669 19,168 ------- ------- ------- ------- Earnings per common share $ 1.78 $ 1.73 $ 1.60 $ 1.56 ======= ======= ======= ======= For the Three Months Ended August 31, --------------------------------------- 1999 1998 ----------------- ----------------- Basic Diluted Basic Diluted ------- ------- ------- ------- Income applicable to common shares $21,101 $21,101 $16,731 $16,731 Adjustments - - - - ------- ------- ------- ------- Income applicable to common shares $21,101 $21,101 $16,731 $16,731 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,010 18,010 18,589 18,589 Adjustments: Stock options - 489 - 462 ------- ------- ------- ------- Adjusted weighted average common shares outstanding 18,010 18,499 18,589 19,051 ------- ------- ------- ------- Earnings per common share $ 1.17 $ 1.14 $ 0.90 $ 0.88 ======= ======= ======= =======