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Earnings Per Share
 6 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
(in thousands, except per share data)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
 
 
 
Net income attributable to Universal Corporation
 
$
25,444

 
$
47,981

 
$
83,753

 
$
71,106

Less: Dividends on convertible perpetual preferred stock
 
(3,713
)
 
(3,713
)
 
(7,425
)
 
(7,425
)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
21,731

 
44,268

 
76,328

 
63,681

 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,207

 
23,379

 
23,262

 
23,338

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.94

 
$
1.89

 
$
3.28

 
$
2.73

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
21,731

 
$
44,268

 
$
76,328

 
$
63,681

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
 
3,713

 
3,713

 
7,425

 
7,425

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
25,444

 
47,981

 
83,753

 
71,106

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,207

 
23,379

 
23,262

 
23,338

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
 
 
 
Convertible perpetual preferred stock
 
4,818

 
4,794

 
4,815

 
4,791

Employee share-based awards
 
311

 
328

 
324

 
317

Denominator for diluted earnings per share
 
28,336

 
28,501

 
28,401

 
28,446

 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.90

 
$
1.68

 
$
2.95

 
$
2.50


For the six months ended September 30, 2013 and 2012, the Company had the following potentially dilutive securities (stock appreciation rights and/or stock options) outstanding that were not included in the computation of diluted earnings per share because their effect would have been antidilutive:
 
 
Six Months Ended September 30,
 
 
2013
 
2012
 
 
 
 
 
Potentially dilutive securities (shares in thousands)
 
169

 
318

Weighted-average exercise price
 
$
62.66

 
$
57.61