EX-12.0 2 uvv-exhibit12x20150630.htm EXHIBIT 12.0
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) |  | 2015 |  | 2014
Earnings (Loss) |  |  |  |
Pretax income (loss) before equity in pretax earnings (loss) of unconsolidated affiliates |  | $ | (8,941 | ) |  | $ | (12,114 | )
Fixed charges (net of interest capitalized) |  | 4,551 |  |  | 4,757 |
Distribution of earnings from unconsolidated affiliates |  | — |  |  | — |
Total Earnings (Loss) |  | $ | (4,390 | ) |  | $ | (7,357 | )
Fixed Charges and Preference Dividends |  |  |  |
Interest expense |  | $ | 3,884 |  |  | $ | 4,020 |
Interest capitalized |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 213 |  |  | 326 |
Interest component of rent expense |  | 454 |  |  | 411 |
Total Fixed Charges |  | 4,551 |  |  | 4,757 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,672 |  |  | 5,711 |
Total Fixed Charges and Preference Dividends |  | $ | 10,223 |  |  | $ | 10,468 |
Ratio of Earnings to Fixed Charges (1) |  | — |  |  | — |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends (1) |  | — |  |  | — |

(1) For the three months ended June 30, 2015 and 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. a ratio of 1.00) was $8,941 and $12,114 for the three months ended June 30, 2015 and 2014, and the deficiency to fully cover fixed charges and preference dividends was $14,613 and $17,825 for the three months ended June 30, 2015 and 2014.