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