EX-12 2 uvv-exhibit12x20140630.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 June 30,
(in thousands, except for ratios) |  | 2014 |  | 2013
Earnings (Loss) |  |  |  |
Pretax income (loss) before equity in pretax earnings of unconsolidated affiliates |  | $ | (12,114 | ) |  | $ | 81,423 |
Fixed charges (net of interest capitalized) |  | 4,757 |  |  | 6,043 |
Distribution of earnings from unconsolidated affiliates |  | — |  |  | — |
Total Earnings (Loss) |  | $ | (7,357 | ) |  | $ | 87,466 |
Fixed Charges and Preference Dividends |  |  |  |
Interest expense |  | $ | 4,020 |  |  | $ | 5,306 |
Interest capitalized |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 326 |  |  | 332 |
Interest component of rent expense |  | 411 |  |  | 405 |
Total Fixed Charges |  | 4,757 |  |  | 6,043 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,711 |  |  | 5,711 |
Total Fixed Charges and Preference Dividends |  | $ | 10,468 |  |  | $ | 11,754 |
Ratio of Earnings to Fixed Charges (1) |  | — |  |  | 14.47 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends (1) |  | — |  |  | 7.44 |

(1) For the three months ended June 30, 2014, the Company reported a loss for purposes of the above ratio calculations. As a result, earnings were not sufficient to cover fixed charges or preference dividends. The deficiency in earnings to fully cover fixed charges (i.e., ratio of 1.00) was $12,114, and the deficiency to fully cover fixed charges and preference dividends was $17,825.