EX-12 2 uvv-exhibit12x9302012.htm EXHIBIT 12
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,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
|  | (in thousands, except for ratios)
Earnings |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates |  | $ | 69,219 |  |  | $ | 4,412 |  |  | $ | 106,033 |  |  | $ | 34,749 |
Fixed charges (net of interest capitalized) |  | 6,709 |  |  | 6,576 |  |  | 13,664 |  |  | 13,053 |
Distribution of earnings from unconsolidated affiliates |  | 123 |  |  | 16,724 |  |  | 123 |  |  | 16,724 |
Total Earnings |  | $ | 76,051 |  |  | $ | 27,712 |  |  | $ | 119,820 |  |  | $ | 64,526 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |
Interest expense |  | $ | 5,938 |  |  | $ | 5,665 |  |  | $ | 12,108 |  |  | $ | 11,198 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 334 |  |  | 296 |  |  | 677 |  |  | 607 |
Interest component of rent expense |  | 437 |  |  | 615 |  |  | 879 |  |  | 1,248 |
Total Fixed Charges |  | 6,709 |  |  | 6,576 |  |  | 13,664 |  |  | 13,053 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,712 |  |  | 5,712 |  |  | 11,423 |  |  | 11,423 |
Total Fixed Charges and Preference Dividends |  | $ | 12,421 |  |  | $ | 12,288 |  |  | $ | 25,087 |  |  | $ | 24,476 |
Ratio of Earnings to Fixed Charges |  | 11.34 |  |  | 4.21 |  |  | 8.77 |  |  | 4.94 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 6.12 |  |  | 2.26 |  |  | 4.78 |  |  | 2.64 |