EX-12 2 uvv-exhibit12x03312016.htm EXHIBIT 12
Exhibit 12
UNIVERSAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

|  | Fiscal Year Ended March 31,
|  | 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
|  | (in thousands, except for ratios)
Earnings |  |  |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates |  | $ | 167,156 |  |  | $ | 151,330 |  |  | $ | 226,793 |  |  | $ | 201,650 |  |  | $ | 158,783 |
Fixed charges (net of interest capitalized) |  | 18,499 |  |  | 20,993 |  |  | 23,974 |  |  | 25,646 |  |  | 26,882 |
Distribution of earnings from unconsolidated affiliates |  | 3,422 |  |  | 5,228 |  |  | 6,508 |  |  | 123 |  |  | 16,724 |
Total Earnings |  | $ | 189,077 |  |  | $ | 177,551 |  |  | $ | 257,275 |  |  | $ | 227,419 |  |  | $ | 202,389 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 15,669 |  |  | $ | 17,120 |  |  | $ | 20,307 |  |  | $ | 22,013 |  |  | $ | 22,835 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 851 |  |  | 1,600 |  |  | 1,302 |  |  | 1,343 |  |  | 1,334 |
Interest component of rent expense |  | 1,979 |  |  | 2,273 |  |  | 2,365 |  |  | 2,290 |  |  | 2,713 |
Total Fixed Charges |  | 18,499 |  |  | 20,993 |  |  | 23,974 |  |  | 25,646 |  |  | 26,882 |
Dividends on convertible perpetual preferred stock (pretax) |  | 22,689 |  |  | 22,806 |  |  | 22,846 |  |  | 22,846 |  |  | 22,846 |
Total Fixed Charges and Preference Dividends |  | $ | 41,188 |  |  | $ | 43,799 |  |  | $ | 46,820 |  |  | $ | 48,492 |  |  | $ | 49,728 |
Ratio of Earnings to Fixed Charges |  | 10.22 |  |  | 8.46 |  |  | 10.73 |  |  | 8.87 |  |  | 7.53 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 4.59 |  |  | 4.05 |  |  | 5.49 |  |  | 4.69 |  |  | 4.07 |