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Earnings Per Share | 6 Months Ended
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Sep. 30, 2012
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share:
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
(in thousands, except per share data) |  | 2012 |  | 2011 |  | 2012 |  | 2011
Basic Earnings (Loss) Per Share |  |  |  |  |  |  |  |
Numerator for basic earnings (loss) per share |  |  |  |  |  |  |  |
Net income (loss) attributable to Universal Corporation |  | $ | 47,981 |  |  | $ | (8,039 | ) |  | $ | 71,106 |  |  | $ | 7,849 |
Less: Dividends on convertible perpetual preferred stock |  | (3,713 | ) |  | (3,713 | ) |  | (7,425 | ) |  | (7,425 | )
Earnings (loss) available to Universal Corporation common shareholders for calculation of basic earnings (loss) per share |  | 44,268 |  |  | (11,752 | ) |  | 63,681 |  |  | 424 |
Denominator for basic earnings (loss) per share |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 23,379 |  |  | 23,229 |  |  | 23,338 |  |  | 23,211 |
Basic earnings (loss) per share |  | $ | 1.89 |  |  | $ | (0.51 | ) |  | $ | 2.73 |  |  | $ | 0.02 |
Diluted Earnings (Loss) Per Share |  |  |  |  |  |  |  |
Numerator for diluted earnings (loss) per share |  |  |  |  |  |  |  |
Earnings (loss) available to Universal Corporation common shareholders |  | $ | 44,268 |  |  | $ | (11,752 | ) |  | $ | 63,681 |  |  | $ | 424 |
Add: Dividends on convertible perpetual preferred stock (if conversion assumed) |  | 3,713 |  |  | — |  |  | 7,425 |  |  | — |
Earnings (loss) available to Universal Corporation common shareholders for calculation of diluted earnings (loss) per share |  | 47,981 |  |  | (11,752 | ) |  | 71,106 |  |  | 424 |
Denominator for diluted earnings (loss) per share |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 23,379 |  |  | 23,229 |  |  | 23,338 |  |  | 23,211 |
Effect of dilutive securities (if conversion or exercise assumed) |  |  |  |  |  |  |  |
Convertible perpetual preferred stock |  | 4,794 |  |  | — |  |  | 4,791 |  |  | — |
Employee share-based awards |  | 328 |  |  | — |  |  | 317 |  |  | 296 |
Denominator for diluted earnings (loss) per share |  | 28,501 |  |  | 23,229 |  |  | 28,446 |  |  | 23,507 |
Diluted earnings (loss) per share |  | $ | 1.68 |  |  | $ | (0.51 | ) |  | $ | 2.50 |  |  | $ | 0.02 |
For the six months ended September 30, 2012 and 2011, certain stock appreciation rights and certain stock options outstanding were not included in the computation of diluted earnings per share because their effect would have been antidilutive. These shares totaled 318,157 at a weighted-average exercise price of $57.61 for the six months ended September 30, 2012, and 759,801 at a weighted-average exercise price of $48.13 for the six months ended September 30, 2011. For the three and six months ended September 30, 2011, conversion of the Company’s outstanding Series B 6.75% Convertible Perpetual Preferred Stock was not assumed since the effect would have been antidilutive. For the three months ended September 30, 2011, exercise or distribution of employee share-based awards also was not assumed since the effect would have been antidilutive.

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