Golden State Vintners, Inc.        Statement Regarding Computation of Per Share Earnings        (In thousands, except per share data)

Exhibit 11

Basic
and fully diluted earnings per share ("EPS") are determined as follows:

|                        |                                            | Three Months
Ended
December 31, |      | Six Months
Ended
December 31,
|----------------------- | ------------------------------------------ | ------------------------------- | ---- | -----------------------------
|
|
|                        |                                            |                                 |      |                              
|Basic EPS Computation   |                                            |                                 |      |                              
|Numerator:              |                                            |                                 |      |                              
|                        | Net income                                 |                                 | $    | 3,047                        
|                        |                                            |                                 |      |                              
|Denominator:            |                                            |                                 |      |                              
|                        | Weighted average common shares             |                                 |      | 9,513                        
|                        |                                            |                                 |      |                              
|Basic EPS               |                                            | $                               | 0.32 |                              
|                        |                                            |                                 |      |                              
|Diluted EPS Computation |                                            |                                 |      |                              
|Numerator:              |                                            |                                 |      |                              
|                        | Net income and assumed conversions         |                                 | $    | 3,047                        
|                        |                                            |                                 |      |                              
|Denominator:            |                                            |                                 |      |                              
|                        | Weighted average common shares outstanding |                                 |      | 9,513                        
|                        | Stock options                              |                                 |      | 170                          
|                        |                                            |                                 |      |                              
|                        | Adjusted weighted average common shares    |                                 |      | 9,683                        
|                        |                                            |                                 |      |                              
|Diluted EPS             |                                            | $                               | 0.31 |                              
|                        |                                            |                                 |      |                              

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