EXHIBIT 11
CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
FOR THE QUARTERS ENDED MAY 31, 1994 AND MAY 31, 1993
May 31, 1994 May 31, 1993
Net Income per common equivalent Fully Fully
share: Primary Diluted Primary Diluted
Net income available to common
shares $6,655,429 $6,655,429 $3,391,513 $3,391,513
Adjustments:
Assumed exercise of convertible
debt ----- ----- ----- 651,000
Net income available to common and
common equivalent shares $6,655,429 $6,655,429 $3,391,513 $4,042,513
Shares:
Weighted average common shares
outstanding 15,983,282 15,983,282 11,659,081 11,659,081
Adjustments:
(1) Assumed exercise of stock
options 152,438 152,438 ----- -----
(2) Assumed exercise of
convertible debt ----- ----- ----- 3,293,085
(3) Assumed exercise of incentive
stock options 226,107 226,107 137,816 137,816
Total shares 16,361,827 16,361,827 11,796,897 15,089,982
Net income per common share $.41 $.41 $.29 $.27
CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
FOR THE NINE MONTHS ENDED MAY 31, 1994 AND MAY 31, 1993
May 31, 1994 May 31, 1993
Net Income per common equivalent
share: Fully Fully
Primary Diluted Primary Diluted
Net income available to common
shares $18,049,875 $18,049,875 $9,947,064 $9,947,064
Adjustments:
Assumed exercise of convertible
debt ----- 419,517 ----- 1,953,000
Net income available to common and
common equivalent shares $18,049,875 $18,469,392 $9,947,064 $11,900,064
Shares:
Weighted average common shares
outstanding 15,234,372 15,234,372 11,644,791 11,644,791
Adjustments:
(1) Assumed exercise of stock
options 129,241 135,370 ----- -----
(2) Assumed exercise of
convertible debt ----- 725,909 ----- 3,293,085
(3) Assumed exercise of incentive
stock options 226,715 234,315 130,389 130,389
Total shares 15,590,328 16,329,966 11,775,180 15,068,265
Net income per common share $1.16 $1.13 $.84 $.79