EX-12 2 uvv-exhibit12x03312014.htm EXHIBIT 12
Exhibit 12
UNIVERSAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

|  | Fiscal Year Ended March 31,
|  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
|  | (in thousands, except for ratios)
Earnings |  |  |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates |  | $ | 226,793 |  |  | $ | 201,650 |  |  | $ | 158,783 |  |  | $ | 234,265 |  |  | $ | 234,252 |
Fixed charges (net of interest capitalized) |  | 23,974 |  |  | 25,646 |  |  | 26,882 |  |  | 27,845 |  |  | 29,226 |
Distribution of earnings from unconsolidated affiliates |  | 6,508 |  |  | 123 |  |  | 16,724 |  |  | — |  |  | 11,983 |
Total Earnings |  | $ | 257,275 |  |  | $ | 227,419 |  |  | $ | 202,389 |  |  | $ | 262,110 |  |  | $ | 275,461 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 20,307 |  |  | $ | 22,013 |  |  | $ | 22,835 |  |  | $ | 23,058 |  |  | $ | 24,210 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 1,302 |  |  | 1,343 |  |  | 1,334 |  |  | 1,260 |  |  | 1,837 |
Interest component of rent expense |  | 2,365 |  |  | 2,290 |  |  | 2,713 |  |  | 3,527 |  |  | 3,179 |
Total Fixed Charges |  | 23,974 |  |  | 25,646 |  |  | 26,882 |  |  | 27,845 |  |  | 29,226 |
Dividends on convertible perpetual preferred stock (pretax) |  | 22,846 |  |  | 22,846 |  |  | 22,846 |  |  | 22,846 |  |  | 22,846 |
Total Fixed Charges and Preference Dividends |  | $ | 46,820 |  |  | $ | 48,492 |  |  | $ | 49,728 |  |  | $ | 50,691 |  |  | $ | 52,072 |
Ratio of Earnings to Fixed Charges |  | 10.73 |  |  | 8.87 |  |  | 7.53 |  |  | 9.41 |  |  | 9.43 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 5.49 |  |  | 4.69 |  |  | 4.07 |  |  | 5.17 |  |  | 5.29 |