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Earnings Per Share | 6 Months Ended
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Sep. 30, 2016
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 September 30, |  | Six Months Ended September 30,
(in thousands, except share and per share data) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Basic Earnings Per Share |  |  |  |  |  |  |  |
Numerator for basic earnings per share |  |  |  |  |  |  |  |
Net income attributable to Universal Corporation |  | $ | 25,264 |  |  | $ | 22,465 |  |  | $ | 19,788 |  |  | $ | 16,518 |
Less: Dividends on convertible perpetual preferred stock |  | (3,687 | ) |  | (3,687 | ) |  | (7,374 | ) |  | (7,374 | )
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share |  | 21,577 |  |  | 18,778 |  |  | 12,414 |  |  | 9,144 |
Denominator for basic earnings per share |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 22,777,394 |  |  | 22,675,323 |  |  | 22,755,927 |  |  | 22,649,270 |
Basic earnings per share |  | $ | 0.95 |  |  | $ | 0.83 |  |  | $ | 0.55 |  |  | $ | 0.40 |
Diluted Earnings Per Share |  |  |  |  |  |  |  |
Numerator for diluted earnings per share |  |  |  |  |  |  |  |
Earnings available to Universal Corporation common shareholders |  | $ | 21,577 |  |  | $ | 18,778 |  |  | $ | 12,414 |  |  | $ | 9,144 |
Add: Dividends on convertible perpetual preferred stock (if conversion assumed) |  | 3,687 |  |  | 3,687 |  |  | — |  |  | — |
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share |  | 25,264 |  |  | 22,465 |  |  | 12,414 |  |  | 9,144 |
Denominator for diluted earnings per share |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 22,777,394 |  |  | 22,675,323 |  |  | 22,755,927 |  |  | 22,649,270 |
Effect of dilutive securities (if conversion or exercise assumed) |  |  |  |  |  |  |  |
Convertible perpetual preferred stock |  | 4,883,372 |  |  | 4,848,766 |  |  | — |  |  | — |
Employee share-based awards |  | 307,390 |  |  | 326,539 |  |  | 317,414 |  |  | 287,361 |
Denominator for diluted earnings per share |  | 27,968,156 |  |  | 27,850,628 |  |  | 23,073,341 |  |  | 22,936,631 |
Diluted earnings per share |  | $ | 0.90 |  |  | $ | 0.81 |  |  | $ | 0.54 |  |  | $ | 0.40 |
For the six months ended September 30, 2016 and 2015, conversion of the Company's outstanding Series B 6.75% Convertible Perpetual Preferred Stock was not assumed since the effect would have been antidilutive. The Company had the following potentially dilutive securities (stock appreciation rights) outstanding for the six months ended September 30, 2016 and 2015 that were not included in the computation of diluted earnings per share because their exercise price exceeded the market price of the Company's common stock, and thus their effect would have been antidilutive:
|  | Six Months Ended September 30,
|  | 2016 |  | 2015
Potentially dilutive securities |  | 127,400 |  |  | 133,600 |
Weighted-average exercise price |  | $ | 62.66 |  |  | $ | 62.66 |

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