Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

January 16, 1996

Published on January 16, 1996


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