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Earnings Per Share | 9 Months Ended
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Dec. 31, 2015
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 December 31, |  | Nine Months Ended December 31,
(in thousands, except share and per share data) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Basic Earnings Per Share |  |  |  |  |  |  |  |
Numerator for basic earnings per share |  |  |  |  |  |  |  |
Net income attributable to Universal Corporation |  | $ | 44,534 |  |  | $ | 53,039 |  |  | $ | 61,052 |  |  | $ | 68,781 |
Less: Dividends on convertible perpetual preferred stock |  | (3,687 | ) |  | (3,712 | ) |  | (11,061 | ) |  | (11,137 | )
Less: Cost in excess of carrying value on repurchases of convertible perpetual preferred stock |  | — |  |  | (18 | ) |  | — |  |  | (18 | )
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share |  | 40,847 |  |  | 49,309 |  |  | 49,991 |  |  | 57,626 |
Denominator for basic earnings per share |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 22,717,043 |  |  | 23,095,861 |  |  | 22,671,943 |  |  | 23,165,553 |
Basic earnings per share |  | $ | 1.80 |  |  | $ | 2.13 |  |  | $ | 2.20 |  |  | $ | 2.49 |
Diluted Earnings Per Share |  |  |  |  |  |  |  |
Numerator for diluted earnings per share |  |  |  |  |  |  |  |
Earnings available to Universal Corporation common shareholders |  | $ | 40,847 |  |  | $ | 49,309 |  |  | $ | 49,991 |  |  | $ | 57,626 |
Add: Dividends on convertible perpetual preferred stock (if conversion assumed) |  | 3,687 |  |  | 3,712 |  |  | — |  |  | 11,137 |
Add: Cost in excess of carrying value on repurchases of convertible perpetual preferred stock |  | — |  |  | 18 |  |  | — |  |  | 18 |
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share |  | 44,534 |  |  | 53,039 |  |  | 49,991 |  |  | 68,781 |
Denominator for diluted earnings per share |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 22,717,043 |  |  | 23,095,861 |  |  | 22,671,943 |  |  | 23,165,553 |
Effect of dilutive securities (if conversion or exercise assumed) |  |  |  |  |  |  |  |
Convertible perpetual preferred stock |  | 4,857,262 |  |  | 4,852,940 |  |  | — |  |  | 4,845,818 |
Employee share-based awards |  | 280,603 |  |  | 342,216 |  |  | 285,107 |  |  | 328,060 |
Denominator for diluted earnings per share |  | 27,854,908 |  |  | 28,291,017 |  |  | 22,957,050 |  |  | 28,339,431 |
Diluted earnings per share |  | $ | 1.60 |  |  | $ | 1.87 |  |  | $ | 2.18 |  |  | $ | 2.43 |

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