EX-12.0 2 uvv-exhibit12x20150930.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 September 30, |  | Six Months Ended September 30,
(in thousands, except for ratios) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Earnings |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings of unconsolidated affiliates |  | $ | 33,577 |  |  | $ | 17,127 |  |  | $ | 24,636 |  |  | $ | 5,013 |
Fixed charges (net of interest capitalized) |  | 4,599 |  |  | 5,592 |  |  | 9,150 |  |  | 10,349 |
Distribution of earnings from unconsolidated affiliates |  | — |  |  | — |  |  | — |  |  | — |
Total Earnings |  | $ | 38,176 |  |  | $ | 22,719 |  |  | $ | 33,786 |  |  | $ | 15,362 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |
Interest expense |  | $ | 3,912 |  |  | $ | 4,852 |  |  | $ | 7,796 |  |  | $ | 8,872 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 212 |  |  | 326 |  |  | 425 |  |  | 652 |
Interest component of rent expense |  | 476 |  |  | 414 |  |  | 930 |  |  | 825 |
Total Fixed Charges |  | 4,600 |  |  | 5,592 |  |  | 9,151 |  |  | 10,349 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,673 |  |  | 5,712 |  |  | 11,345 |  |  | 11,423 |
Total Fixed Charges and Preference Dividends |  | $ | 10,273 |  |  | $ | 11,304 |  |  | $ | 20,496 |  |  | $ | 21,772 |
Ratio of Earnings to Fixed Charges |  | 8.30 |  |  | 4.06 |  |  | 3.69 |  |  | 1.48 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 3.72 |  |  | 2.01 |  |  | 1.65 |  |  | 0.71 |