EXHIBIT 11
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CANANDAIGUA BRANDS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(in thousands, except per share data)
For the Nine Months Ended November 30,
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1998 1997
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Basic Diluted Basic Diluted
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Income applicable to common shares $49,037 $49,037 $40,022 $40,022
Adjustments -- -- -- --
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Income applicable to common shares $49,037 $49,037 $40,022 $40,022
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Shares:
Weighted average common shares
outstanding 18,412 18,412 18,663 18,663
Adjustments:
Stock options -- 469 -- 391
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Adjusted weighted average common
shares outstanding 18,412 18,881 18,663 19,054
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Earnings per common share $ 2.66 $ 2.60 $ 2.14 $ 2.10
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For the Three Months Ended November 30,
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1998 1997
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Basic Diluted Basic Diluted
------- ------- ------- -------
Income applicable to common shares $19,650 $19,650 $17,611 $17,611
Adjustments -- -- -- --
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Income applicable to common shares $19,650 $19,650 $17,611 $17,611
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Shares:
Weighted average common shares
outstanding 17,892 17,892 18,659 18,659
Adjustments:
Stock options -- 433 -- 522
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Adjusted weighted average common
shares outstanding 17,892 18,325 18,659 19,181
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Earnings per common share $ 1.10 $ 1.07 $ 0.94 $ 0.92
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