EX-12 2 uvv-exhibit12x20131231.htm EXHIBIT 12

UVV-Exhibit 12-2013.12.31

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