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,
-----------------------------------------------------------------
1999 1998 1997
------------------- ------------------- -------------------
Basic Diluted Basic Diluted Basic Diluted
-------- -------- -------- -------- -------- --------
Income before extraordinary item $ 61,909 $ 61,909 $ 47,130 $ 47,130 $ 46,183 $ 46,183
Extraordinary item, net of income taxes (11,437) (11,437) -- -- -- --
-------- -------- -------- -------- -------- --------
Income applicable to common shares $ 50,472 $ 50,472 $ 47,130 $ 47,130 $ 46,183 $ 46,183
======== ======== ======== ======== ======== ========
Shares:
Weighted average common shares outstanding 18,293 18,293 18,672 18,672 19,333 19,333
Adjustments:
Stock options -- 461 -- 433 -- 188
-------- -------- -------- -------- -------- --------
Adjusted weighted average common shares
outstanding 18,293 18,754 18,672 19,105 19,333 19,521
======== ======== ======== ======== ======== ========
Earnings per common share:
Income before extraordinary item $ 3.38 $ 3.30 $ 2.52 $ 2.47 $ 2.39 $ 2.37
Extraordinary item (0.62) (0.61) -- -- -- --
-------- -------- -------- -------- -------- --------
Earnings per common share $ 2.76 $ 2.69 $ 2.52 $ 2.47 $ 2.39 $ 2.37
======== ======== ======== ======== ======== ========