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Earnings Per Share
 6 Months Ended
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.