EXHIBIT 11 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES COMPUTATION OF NET INCOME PER COMMON SHARE FOR THE QUARTERS ENDED MAY 31, 1994 AND MAY 31, 1993 May 31, 1994 May 31, 1993 Net Income per common equivalent Fully Fully share: Primary Diluted Primary Diluted Net income available to common shares $6,655,429 $6,655,429 $3,391,513 $3,391,513 Adjustments: Assumed exercise of convertible debt ----- ----- ----- 651,000 Net income available to common and common equivalent shares $6,655,429 $6,655,429 $3,391,513 $4,042,513 Shares: Weighted average common shares outstanding 15,983,282 15,983,282 11,659,081 11,659,081 Adjustments: (1) Assumed exercise of stock options 152,438 152,438 ----- ----- (2) Assumed exercise of convertible debt ----- ----- ----- 3,293,085 (3) Assumed exercise of incentive stock options 226,107 226,107 137,816 137,816 Total shares 16,361,827 16,361,827 11,796,897 15,089,982 Net income per common share $.41 $.41 $.29 $.27 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES COMPUTATION OF NET INCOME PER COMMON SHARE FOR THE NINE MONTHS ENDED MAY 31, 1994 AND MAY 31, 1993 May 31, 1994 May 31, 1993 Net Income per common equivalent share: Fully Fully Primary Diluted Primary Diluted Net income available to common shares $18,049,875 $18,049,875 $9,947,064 $9,947,064 Adjustments: Assumed exercise of convertible debt ----- 419,517 ----- 1,953,000 Net income available to common and common equivalent shares $18,049,875 $18,469,392 $9,947,064 $11,900,064 Shares: Weighted average common shares outstanding 15,234,372 15,234,372 11,644,791 11,644,791 Adjustments: (1) Assumed exercise of stock options 129,241 135,370 ----- ----- (2) Assumed exercise of convertible debt ----- 725,909 ----- 3,293,085 (3) Assumed exercise of incentive stock options 226,715 234,315 130,389 130,389 Total shares 15,590,328 16,329,966 11,775,180 15,068,265 Net income per common share $1.16 $1.13 $.84 $.79