EX-12 2 uvv-exhibit12x20131231.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 December 31, |  | Nine Months Ended December 31,
(in thousands, except for ratios) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Earnings |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates |  | $ | 64,626 |  |  | $ | 59,026 |  |  | $ | 189,581 |  |  | $ | 165,059 |
Fixed charges (net of interest capitalized) |  | 5,806 |  |  | 6,441 |  |  | 18,755 |  |  | 20,105 |
Distribution of earnings from unconsolidated affiliates |  | 6,508 |  |  | — |  |  | 6,508 |  |  | 123 |
Total Earnings |  | $ | 76,940 |  |  | $ | 65,467 |  |  | $ | 214,844 |  |  | $ | 185,287 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |
Interest expense |  | $ | 5,157 |  |  | $ | 5,670 |  |  | $ | 16,623 |  |  | $ | 17,778 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 311 |  |  | 333 |  |  | 976 |  |  | 1,010 |
Interest component of rent expense |  | 338 |  |  | 438 |  |  | 1,156 |  |  | 1,317 |
Total Fixed Charges |  | 5,806 |  |  | 6,441 |  |  | 18,755 |  |  | 20,105 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,711 |  |  | 5,711 |  |  | 17,134 |  |  | 17,134 |
Total Fixed Charges and Preference Dividends |  | $ | 11,517 |  |  | $ | 12,152 |  |  | $ | 35,889 |  |  | $ | 37,239 |
Ratio of Earnings to Fixed Charges |  | 13.25 |  |  | 10.16 |  |  | 11.46 |  |  | 9.22 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 6.68 |  |  | 5.39 |  |  | 5.99 |  |  | 4.98 |