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