Exhibit 11.1
RAVENSWOOD WINERY, INC.
COMPUTATION OF EARNINGS PER SHARE
AND COMMON SHARE EQUIVALENT
Fiscal year ended June 30, Six months ended December 31,
----------------------------- -----------------------------
1 9 9 8 1 9 9 7 1 9 9 8 1 9 9 7
---------- ---------- ---------- ----------
(unaudited) (unaudited)
BASIC
Average shares outstanding [A] 3,005,625 3,150,000 2,992,500 3,018,750
Shares issued under deferred
compensation arrangement [B] 345,731 345,731 345,731 345,731
Shares issued in December 1998 [C] 140,625 140,625 140,723 140,625
---------- ---------- ---------- ----------
Weighted average number of common shares outstanding 3,491,981 3,636,356 3,478,954 3,505,106
========== ========== ========== ==========
Net income $ 186,891 $1,468,194 $2,285,232 $1,633,901
========== ========== ========== ==========
Per share amount $ .05 $ .40 $ .66 $ .47
========== ========== ========== ==========
DILUTED
Average shares outstanding [A] 3,005,625 3,150,000 2,992,500 3,018,750
Shares issued under deferred
compensation arrangement [B] 345,731 345,731 345,731 345,731
Shares issued in December 1998 [C] 140,625 140,625 140,723 140,625
Net effect of potentially dilutive
common stock issuable for
convertible debentures 302,751 302,751 368,377 302,751
---------- ---------- ---------- ----------
Weighted average number of common shares and
equivalents outstanding 3,794,732 3,939,107 3,847,331 3,807,857
========== ========== ========== ==========
Net income $ 186,891 $1,468,194 $2,285,232 $1,633,901
Interest on convertible debt, net of tax
benefit 49,305 55,793 45,168 24,653
---------- ---------- ---------- ----------
Net income, after adding interest on
debentures $ 236,196 $1,523,987 $2,330,400 $1,658,554
========== ========== ========== ==========
Per share amount $ .05 $ .39 $ .61 $ .44
========== ========== ========== ==========
<FN>
[A] Reflects the retroactive effect of the 63-to-1 stock split approved in
February 1999.
[B] Reflects the retroactive effect of the shares issued under a deferred
compensation arrangement in early fiscal 1999.
[C] Represents the retroactive effect using the "treasury stock method" for
common stock issued in December 1998 at prices below the assumed initial
public offering price.
</FN>
RAVENSWOOD WINERY, INC.
COMPUTATION OF EARNINGS PER SHARE
AND COMMON SHARE EQUIVALENT
Fiscal year ended June 30,
----------------------------------------------
1 9 9 6 1 9 9 5 1 9 9 4
---------- ---------- ----------
BASIC
Average shares outstanding [A] 3,150,000 3,150,000 3,150,000
Shares issued under deferred compensation arrangement [B] 345,731 345,731 345,731
Shares issued in December 1998 [C] 140,625 140,625 140,625
---------- ---------- ----------
Average shares outstanding 3,636,356 3,636,356 3,636,356
========== ========== ==========
Net income $1,268,832 $1,016,745 $ 591,962
========== ========== ==========
Per share amount $ 0.349 $ 0.280 $ 0.163
========== ========== ==========
DILUTED
Average shares outstanding [A] 3,150,000 3,150,000 3,150,000
Shares issued under deferred compensation arrangement [B] 345,731 345,731 345,731
Shares issued in December 1998 [C] 140,625 140,625 140,625
Net effect of potentially dilutive common stock issuable
for convertible debentures 302,751 247,920
---------- ---------- ----------
Total 3,939,107 3,884,276 3,636,356
========== ========== ==========
Net income $1,268,832 $1,016,745 $ 591,962
Interest on convertible debt, net of tax benefit 41,520 33,906
---------- ---------- ----------
Net income, after deducting interest on debentures $1,310,352 $1,050,651 $ 591,962
========== ========== ==========
Per share amount $ 0.333 $ 0.270 $ 0.163
========== ========== ==========
<FN>
[A] Reflects the retroactive effect of the 63 to 1 stock split occurring in
early 1999.
[B] Reflects the retroactive effect of the shares issued under a deferred
compensation arrangement in early fiscal 1999.
[C] Represents the retroactive effect using the "treasury stock method" for
common stock issued in December 1998 at prices below the planned initial
public offering price.
</FN>