EXHIBIT 11.1 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE (in thousands, except per share data)
For the Nine Months Ended November 30, -------------------------------------------- 1996 1995 ---------------------- --------------------- (unaudited) (unaudited) Fully Fully Net income per common and common equivalent share: Primary Diluted Primary Diluted ------- ------- -------- -------- Net income available to common and common equivalent shares $21,753 $21,753 $31,112 $31,112 Adjustments: Assumed exercise of convertible debt - - - - ------- ------- ------- ------- Net income available to common and common equivalent shares $21,753 $21,753 $31,112 $31,112 ------- ------- ------- ------- Shares: Weighted average common shares outstanding 19,482 19,482 19,577 19,577 Adjustments: (1) Assumed exercise of convertible debt - - - - (2) Assumed exercise of incentive stock options 363 363 282 282 (3) Assumed exercise of stock options 20 20 180 180 ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding 19,865 19,865 20,039 20,039 ------- ------- ------- ------- Net income per common and common equivalent share $1.10 $1.10 $1.55 $1.55 ======= ======= ======= ======= For the Six Months Ended ------------------------------------------ February 29, 1996 February 28, 1995 ----------------- ------------------- (Unaudited) Fully Fully Net income per common and common equivalent share: Primary Diluted Primary Diluted ------- ------- ------- ------- Net income available to common and common equivalent shares $3,322 $3,322 $20,320 $20,320 Adjustments: Assumed exercise of convertible debt - - - - ------ ------ ------- ------- Net income available to common and common equivalent shares $3,322 $3,322 $20,320 $20,320 ------ ------ ------- ------- Shares: Weighted average common shares outstanding 19,611 19,611 17,989 17,989 Adjustments: (1) Assumed exercise of convertible debt - - - - (2) Assumed exercise of incentive stock options 260 260 284 285 (3) Assumed exercise of stock options 135 135 71 73 ------ ------ ------- ------- Weighted average common and common equivalent shares outstanding 20,006 20,006 18,344 18,347 ------ ------ ------- ------- Net income per common and common equivalent share $.17 $.17 $1.11 $1.11 ====== ====== ======= ======= For the Years Ended August 31, ----------------------------------------------------------- 1995 1994 1993 ----------------- ----------------- ---------------- Fully Fully Fully Net income per common and common equivalent share: Primary Diluted Primary Diluted Primary Diluted ------- ------- -------- ------- ------- ------- Net income available to common and common equivalent shares $41,020 $41,020 $11,733 $11,733 $15,604 $15,604 Adjustments: Assumed exercise of convertible debt - - - 419 - 2,597 ------- ------- ------- ------- ------- ------- Net income available to common and common equivalent shares $41,020 $41,020 $11,733 $12,152 $15,604 $18,201 ------- ------- ------- ------- ------- ------- Shares: Weighted average common shares outstanding 18,776 18,776 15,423 15,423 11,820 11,820 Adjustments: (1) Assumed exercise of convertible debt - - - 544 - 3,239 (2) Assumed exercise of incentive stock options 252 302 227 257 144 144 (3) Assumed exercise of stock options 120 218 134 177 - - ------- ------- ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding 19,148 19,296 15,784 16,401 11,964 15,203 ------- ------- ------- ------- ------- ------- Net income per common and common equivalent share $2.14 $2.13 $.74 $.74 $1.30 $1.20 ======= ======= ======= ======= ======= =======