EXHIBIT 11
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CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE
(in thousands, except per share data)
(unaudited)
For the Six Months Ended August 31,
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1997 1996
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Fully Fully
Net income per common and common equivalent share: Primary Diluted Primary Diluted
------- ------- ------- -------
Net income available to common and common equivalent
shares $ 22,411 $ 22,411 $ 13,442 $ 13,442
Adjustments -- -- -- --
-------- -------- -------- --------
Net income available to common and common equivalent
shares $ 22,411 $ 22,411 $ 13,442 $ 13,442
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Shares:
Weighted average common shares outstanding 18,665 18,665 19,553 19,553
Adjustments:
(1) Assumed exercise of incentive stock options 571 750 204 204
(2) Assumed exercise of stock options -- 1 38 38
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Weighted average common and common equivalent
shares outstanding 19,236 19,416 19,795 19,795
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Net income per common and common equivalent share $ 1.17 $ 1.15 $ 0.68 $ 0.68
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For the Three Months Ended August 31,
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1997 1996
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Fully Fully
Net income per common and common equivalent share: Primary Diluted Primary Diluted
------- ------- ------- -------
Net income available to common and common equivalent
shares $ 12,365 $ 12,365 $ 4,941 $ 4,941
Adjustments -- -- -- --
-------- -------- -------- --------
Net income available to common and common equivalent
shares $ 12,365 $ 12,365 $ 4,941 $ 4,941
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Shares:
Weighted average common shares outstanding 18,559 18,559 19,477 19,477
Adjustments:
(1) Assumed exercise of incentive stock options 683 758 152 152
(2) Assumed exercise of stock options -- 1 24 24
-------- -------- -------- --------
Weighted average common and common equivalent
shares outstanding 19,242 19,318 19,653 19,653
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Net income per common and common equivalent share $ 0.64 $ 0.64 $ 0.25 $ 0.25
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