EX-12.0 2 uvv-exhibit12x20151231.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 December 31, |  | Nine Months Ended December 31,
(in thousands, except for ratios) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Earnings |  |  |  |  |  |  |  |
Pretax income before equity in pretax earnings of unconsolidated affiliates |  | $ | 65,730 |  |  | $ | 88,401 |  |  | $ | 90,366 |  |  | $ | 93,414 |
Fixed charges (net of interest capitalized) |  | 4,695 |  |  | 5,793 |  |  | 13,846 |  |  | 16,142 |
Distribution of earnings from unconsolidated affiliates |  | 3,422 |  |  | 5,228 |  |  | 3,422 |  |  | 5,228 |
Total Earnings |  | $ | 73,847 |  |  | $ | 99,422 |  |  | $ | 107,634 |  |  | $ | 114,784 |
Fixed Charges and Preference Dividends |  |  |  |  |  |  |  |
Interest expense |  | $ | 3,937 |  |  | $ | 4,637 |  |  | $ | 11,733 |  |  | $ | 13,509 |
Interest capitalized |  | — |  |  | — |  |  | — |  |  | — |
Amortization of premiums, discounts, and debt issuance costs |  | 213 |  |  | 735 |  |  | 638 |  |  | 1,387 |
Interest component of rent expense |  | 545 |  |  | 421 |  |  | 1,475 |  |  | 1,246 |
Total Fixed Charges |  | 4,695 |  |  | 5,793 |  |  | 13,846 |  |  | 16,142 |
Dividends on convertible perpetual preferred stock (pretax) |  | 5,673 |  |  | 5,711 |  |  | 17,018 |  |  | 17,134 |
Total Fixed Charges and Preference Dividends |  | $ | 10,368 |  |  | $ | 11,504 |  |  | $ | 30,864 |  |  | $ | 33,276 |
Ratio of Earnings to Fixed Charges |  | 15.73 |  |  | 17.16 |  |  | 7.77 |  |  | 7.11 |
Ratio of Earnings to Combined Fixed Charges and Preference Dividends |  | 7.12 |  |  | 8.64 |  |  | 3.49 |  |  | 3.45 |