EX-12 2 uvv-exhibit12.htm UVV-Exhibit 12.1

Exhibit 12

UNIVERSAL CORPORATION AND SUBSIDIARIES

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

 
 
Fiscal Year Ended March 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
(in thousands, except for ratios)
Earnings
 
 
 
 
 
 
 
 
 
 
    Pretax income before equity in pretax earnings (loss) of
 
 
 
 
 
 
 
 
 
 
        of unconsolidated affiliates
 
$
158,783

 
$
234,265

 
$
234,252

 
$
176,606

 
$
166,782

    Fixed charges (net of interest capitalized)
 
26,882

 
27,845

 
29,226

 
40,797

 
48,014

    Distribution of earnings from unconsolidated affiliates
 
16,724

 
—

 
11,983

 
8,680

 
9,189

         Total Earnings
 
$
202,389

 
$
262,110

 
$
275,461

 
$
226,083

 
$
223,985

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividends
 
 
 
 
 
 
 
 
 
 
    Interest expense
 
$
22,835

 
$
23,058

 
$
24,210

 
$
35,631

 
$
41,908

    Interest capitalized
 
—

 
—

 
—

 
—

 
—

    Amortization of premiums, discounts, and debt issuance costs
 
1,334

 
1,260

 
1,837

 
948

 
1,767

    Interest component of rent expense
 
2,713

 
3,527

 
3,179

 
4,218

 
4,339

         Total Fixed Charges
 
26,882

 
27,845

 
29,226

 
40,797

 
48,014

    Dividends on convertible perpetual preferred stock (pretax)
 
22,846

 
22,846

 
22,846

 
22,846

 
22,846

         Total Fixed Charges and Preference Dividends
 
$
49,728

 
$
50,691

 
$
52,072

 
$
63,643

 
$
70,860

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
7.53

 
9.41

 
9.43

 
5.54

 
4.66

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and
 
 
 
 
 
 
 
 
 
 
   Preference Dividends
 
4.07

 
5.17

 
5.29

 
3.55

 
3.16