EXHIBIT 11
CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
FOR THE QUARTERS ENDED NOVEMBER 30, 1994 AND 1993
Net income per common November 30, 1994 November 30, 1993
equivalent share Primary Fully Diluted Primary Fully Diluted
(in thousands, except per share data)
Net income available
to common shares $10,332 $10,332 $5,653 $5,653
Adjustments:
Assumed exercise of
convertible debt - - - 420
Net income available to
common and common
equivalent shares $10,332 $10,332 $5,653 $6,073
Shares:
Weighted average common
shares outstanding 16,497,647 16,497,647 13,770,671 13,770,671
Adjustments:
(1) Assumed exercise
of convertible
debt - - - 2,177,726
(2) Assumed exercise
of incentive stock
options 299,483 300,257 207,678 230,478
(3) Assumed exercise
of options 198,969 200,132 55,032 73,422
Total Shares 16,996,099 16,998,036 14,033,381 16,252,297
Net income per
common share $ 0.61 $ 0.61 $ 0.40 $ 0.37