EX-12.0 2 uvv-exhibit12x20160930.htm EXHIBIT 12.0 Exhibit

Exhibit 12

UNIVERSAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
(in thousands, except for ratios)
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
    Pretax income before equity in pretax earnings of unconsolidated affiliates
 
$
39,264

 
$
33,577

 
$
27,571

 
$
24,636

    Fixed charges (net of interest capitalized)
 
4,660

 
4,600

 
9,191

 
9,151

    Distribution of earnings from unconsolidated affiliates
 
—

 
—

 
—

 
—

         Total Earnings
 
$
43,924

 
$
38,177

 
$
36,762

 
$
33,787

 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividends
 
 
 
 
 
 
 
 
    Interest expense
 
$
4,335

 
$
3,912

 
$
8,389

 
$
7,796

    Interest capitalized
 
—

 
—

 
—

 
—

    Amortization of premiums, discounts, and debt issuance costs (1)
 
—

 
212

 
—

 
425

    Interest component of rent expense
 
325

 
476

 
802

 
930

         Total Fixed Charges
 
4,660

 
4,600

 
9,191

 
9,151

    Dividends on convertible perpetual preferred stock (pretax)
 
5,673

 
5,673

 
11,345

 
11,345

         Total Fixed Charges and Preference Dividends
 
$
10,333

 
$
10,273

 
$
20,536

 
$
20,496

 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
9.43

 
8.30

 
4.00

 
3.69

 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preference Dividends
 
4.25

 
3.72

 
1.79

 
1.65


(1) The Company began reporting the amortization of premiums, discounts, and debt issuance costs in interest expense effective April 1, 2016 (the beginning of fiscal year 2017). No reclassification has been made for prior reporting periods since the amounts are not material.