EX-12 2 uvv-exhibit12x20130930.htm EXHIBIT 12
Exhibit 12
UNIVERSAL CORPORATION
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,
(in thousands, except for ratios) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Earnings |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates |  | $ | 43,532 |  |  | $ | 69,219 |  |  | $ | 124,955 |  |  | $ | 106,033 |
Fixed charges (net of interest capitalized) |  | 6,906 |  |  | 6,709 |  |  | 12,949 |  |  | 13,664 |
Distribution of earnings from unconsolidated affiliates |  | — |  |  | 123 |  |  | — |  |  | 123 |
Total Earnings |  | $ | 50,438 |  |  | $ | 76,051 |  |  | $ | 137,904 |  |  | $ | 119,820 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |
Interest expense |  | $ | 6,160 |  |  | $ | 5,938 |  |  | $ | 11,466 |  |  | $ | 12,108 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 333 |  |  | 334 |  |  | 665 |  |  | 677 |
Interest component of rent expense |  | 413 |  |  | 437 |  |  | 818 |  |  | 879 |
Total Fixed Charges |  | 6,906 |  |  | 6,709 |  |  | 12,949 |  |  | 13,664 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,712 |  |  | 5,712 |  |  | 11,423 |  |  | 11,423 |
Total Fixed Charges and Preference Dividends |  | $ | 12,618 |  |  | $ | 12,421 |  |  | $ | 24,372 |  |  | $ | 25,087 |
Ratio of Earnings to Fixed Charges |  | 7.30 |  |  | 11.34 |  |  | 10.65 |  |  | 8.77 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 4.00 |  |  | 6.12 |  |  | 5.66 |  |  | 4.78 |