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Earnings Per Share
 3 Months Ended
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