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Earnings Per Share | 3 Months Ended
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Jun. 30, 2014
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 June 30,
(in thousands, except per share data) |  | 2014 |  | 2013
Basic Earnings Per Share |  |  |  |
Numerator for basic earnings (loss) per share |  |  |  |
Net income attributable to Universal Corporation |  | $ | 717 |  |  | $ | 58,309 |
Less: Dividends on convertible perpetual preferred stock |  | (3,712 | ) |  | (3,712 | )
Earnings (loss) available to Universal Corporation common shareholders for calculation of basic earnings (loss) per share |  | (2,995 | ) |  | 54,597 |
Denominator for basic earnings (loss) per share |  |  |  |
Weighted average shares outstanding |  | 23,223,343 |  |  | 23,316,764 |
Basic earnings (loss) per share |  | $ | (0.13 | ) |  | $ | 2.34 |
Diluted Earnings Per Share |  |  |  |
Numerator for diluted earnings (loss) per share |  |  |  |
Earnings (loss) available to Universal Corporation common shareholders |  | $ | (2,995 | ) |  | $ | 54,597 |
Add: Dividends on convertible perpetual preferred stock (if conversion assumed) |  | — |  |  | 3,712 |
Earnings (loss) available to Universal Corporation common shareholders for calculation of diluted earnings (loss) per share |  | (2,995 | ) |  | 58,309 |
Denominator for diluted earnings (loss) per share |  |  |  |
Weighted average shares outstanding |  | 23,223,343 |  |  | 23,316,764 |
Effect of dilutive securities (if conversion or exercise assumed) |  |  |  |
Convertible perpetual preferred stock |  | — |  |  | 4,812,279 |
Employee share-based awards |  | — |  |  | 336,311 |
Denominator for diluted earnings (loss) per share |  | 23,223,343 |  |  | 28,465,354 |
Diluted earnings (loss) per share |  | $ | (0.13 | ) |  | $ | 2.05 |
For the three months ended June 30, 2014, conversion of the Company's outstanding Series B 6.75% Convertible Perpetual Preferred Stock and exercise or distribution of employee-share-based awards were not assumed since the effects would have been antidilutive. The Company also had the following potentially dilutive securities (stock appreciation rights) outstanding for the three months ended June 30, 2014 and 2013 that were not included in the computation of diluted earnings per share because their exercise price exceeded the market price of the Company's common stock, and thus their effect would have been antidilutive:
|  | Three Months Ended June 30,
|  | 2014 |  | 2013
Potentially dilutive securities (shares in thousands) |  | 169 |  |  | 169 |
Weighted-average exercise price |  | $ | 62.66 |  |  | $ | 62.66 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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