EXHIBIT 11 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES COMPUTATION OF NET INCOME PER COMMON SHARE Three Months Ended ------------------------------------------------------ November 30, 1995 November 30, 1994 ------------------------- ------------------------- Net income per common and common equivalent share: Primary Fully Diluted Primary Fully Diluted ---------- ---------- ---------- ---------- (in thousands, except share and per share data) Net income available to common shares $ 10,412 $ 10,412 $ 10,332 $ 10,332 Adjustments: - - - - Net income available to common and common ---------- ---------- ---------- ---------- equivalent shares $ 10,412 $ 10,412 $ 10,332 $ 10,332 ---------- ---------- ---------- ---------- Shares: Weighted average common shares outstanding 19,605,064 19,605,064 16,497,647 16,497,647 Adjustments: (1) Assumed exercise of incentive stock options 296,940 296,940 299,483 300,257 (2) Assumed exercise of options 201,675 201,675 198,969 200,132 Weighted average common and common equivalent ---------- ---------- ---------- ---------- shares outstanding 20,103,679 20,103,679 16,996,099 16,998,036 ---------- ---------- ---------- ---------- Net income per common and common equivalent share $ 0.52 $ 0.52 $ 0.61 $ 0.61