EXHIBIT 11 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES COMPUTATION OF NET INCOME PER COMMON SHARE (dollars in thousands, except share and per share data) Six Months Ended February 28, 1995 February 28, 1994 Primary Fully Diluted Primary Fully Diluted Net income per common and common equivalent share: Net income available to common shares $ 20,320 $ 20,320 $ 11,395 $ 11,395 Adjustments: Assumed exercise of convertible debt - - - 420 Net income available to common and common equivalent shares $ 20,320 $ 20,320 $ 11,395 $ 11,815 Shares: Weighted average common shares outstanding 17,989,360 17,989,360 14,853,711 14,853,711 Adjustments: (1) Assumed exercise of convertible debt - - - 1,088,863 (2) Assumed exercise of incentive stock options 283,554 284,648 227,018 238,419 (3) Assumed exercise of options 70,956 72,505 117,642 126,837 Weighted average common and common equivalent shares outstanding 18,343,870 18,346,513 15,198,371 16,307,830 Net income per common and common equivalent share $ 1.11 $ 1.11 $ 0.75 $ 0.72 Three Months Ended Net income per common and common February 28, 1995 February 28, 1994 equivalent share: Primary Fully Diluted Primary Fully Diluted Net income available to common shares $ 9,988 $ 9,988 $ 5,741 $ 5,741 Adjustments: Assumed exercise of convertible debt - - - - Net income available to common and common equivalent shares $ 9,988 $ 9,988 $ 5,741 $ 5,741 Shares: Weighted average common shares outstanding 19,497,647 19,497,647 15,948,785 15,948,785 Adjustments: (1) Assumed exercise of convertible debt - - - - (2) Assumed exercise of incentive stock options 267,771 269,182 246,360 246,360 (3) Assumed exercise of options 92,350 94,814 180,251 180,251 Weighted average common and common equivalent shares outstanding 19,857,768 19,861,643 16,375,396 16,375,396 Net income per common and common equivalent share $ 0.50 $ 0.50 $ 0.35 $ 0.35