EXHIBIT 11.1
CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(in thousands, except per share data)
For the Years Ended February 28, For the Six Months Ended For the Year Ended
---------------------------------- ---------------------------------- ------------------
February 29, February 28, August 31,
1998 1997 1996 1995 1995
---------------- ---------------- ---------------- ---------------- ----------------
(unaudited)
Earnings per common share: Basic Diluted Basic Diluted Basic Diluted Basic Diluted Basic Diluted
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Income applicable to common shares $50,071 $50,071 $27,675 $27,675 $ 3,322 $ 3,322 $20,320 $20,320 $41,020 $41,020
Adjustments -- -- -- -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Income applicable to common shares $50,071 $50,071 $27,675 $27,675 $ 3,322 $ 3,322 $20,320 $20,320 $41,020 $41,020
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Shares:
Weighted average common shares outstanding 18,672 18,672 19,333 19,333 19,611 19,611 17,989 17,989 18,776 18,776
Adjustments:
(1) Assumed exercise of incentive stock
options -- 423 -- 179 -- 129 -- 152 -- 155
(2) Assumed exercise of options/employee
stock purchases -- 10 -- 9 -- 67 -- 38 -- 74
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Weighted average common shares outstanding 18,672 19,105 19,333 19,521 19,611 19,807 17,989 18,179 18,776 19,005
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Earnings per common share $ 2.68 $ 2.62 $ 1.43 $ 1.42 $ 0.17 $ 0.17 $ 1.13 $ 1.12 $ 2.18 $ 2.16
======= ======= ======= ======= ======= ======= ======= ======= ======= =======