EX-12 2 v238570_ex12.htm EXHIBIT 12 Unassociated Document
Exhibit 12

UNIVERSAL CORPORATION AND SUBSIDIARIES

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,
  
    
2011
    
2010
    
2011
    
2010
  
    
(in thousands, except for ratios)
  
Earnings
                        
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates
   $ 4,412     $ 75,159     $ 34,749     $ 111,582  
Fixed charges (net of interest capitalized)
     6,576       6,988       13,053       13,255  
Distribution of earnings from unconsolidated affiliates
     16,724       -       16,724       -  
                                 
Total Earnings
   $ 27,712     $ 82,147     $ 64,526     $ 124,837  
                                 
Fixed Charges and Preference Dividends
                                
Interest expense
   $ 5,665     $ 5,862     $ 11,198     $ 10,988  
Interest capitalized
     -       -       -       -  
Amortization of premiums, discounts, and debt issuance costs
     296       314       607       639  
Interest component of rent expense
     615       812       1,248       1,628  
                                 
Total Fixed Charges
     6,576       6,988       13,053       13,255  
                                 
Dividends on convertible perpetual preferred stock (pretax)
     5,712       5,712       11,423       11,423  
                                 
Total Fixed Charges and Preference Dividends
   $ 12,288     $ 12,700     $ 24,476     $ 24,678  
                                 
Ratio of Earnings to Fixed Charges
     4.21       11.76       4.94       9.42  
                                 
Ratio of Earnings to Combined Fixed Charges and Preference Dividends
     2.26       6.47       2.64       5.06