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Earnings Per Share | 12 Months Ended
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Mar. 31, 2018
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share:
| Fiscal Year Ended March 31,
(in thousands, except share and per share data) | 2018 |  | 2017 |  | 2016
Basic Earnings Per Share |  |  |  |  |
Numerator for basic earnings per share |  |  |  |  |
Net income attributable to Universal Corporation | $ | 105,662 |  |  | $ | 106,304 |  |  | $ | 109,016 |
Less: Dividends on convertible perpetual preferred stock | — |  |  | (11,061 | ) |  | (14,748 | )
Less: Cost in excess of carrying value on conversion or repurchase of convertible perpetual preferred stock | — |  |  | (74,353 | ) |  | — |
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share | 105,662 |  |  | 20,890 |  |  | 94,268 |
Denominator for basic earnings per share |  |  |  |  |
Weighted average shares outstanding | 25,274,975 |  |  | 23,433,860 |  |  | 22,683,290 |
Basic earnings per share | $ | 4.18 |  |  | $ | 0.89 |  |  | $ | 4.16 |
Diluted Earnings Per Share |  |  |  |  |
Numerator for diluted earnings per share |  |  |  |  |
Earnings available to Universal Corporation common shareholders | $ | 105,662 |  |  | $ | 20,890 |  |  | $ | 94,268 |
Add: Dividends on convertible perpetual preferred stock (if conversion assumed) | — |  |  | — |  |  | 14,748 |
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share | 105,662 |  |  | 20,890 |  |  | 109,016 |
Denominator for diluted earnings per share: |  |  |  |  |
Weighted average shares outstanding | 25,274,975 |  |  | 23,433,860 |  |  | 22,683,290 |
Effect of dilutive securities (if conversion or exercise assumed) |  |  |  |  |
Convertible perpetual preferred stock | — |  |  | — |  |  | 4,853,268 |
Employee and outside director share-based awards | 233,169 |  |  | 336,228 |  |  | 288,933 |
Denominator for diluted earnings per share | 25,508,144 |  |  | 23,770,088 |  |  | 27,825,491 |
Diluted earnings per share | $ | 4.14 |  |  | $ | 0.88 |  |  | $ | 3.92 |
In December 2016, 111,072 shares of the Company’s Series B 6.75% Convertible Perpetual Preferred Stock were converted into approximately 2.5 million shares of the Company's common stock. In January 2017, the Company announced a mandatory conversion of all 107,418 remaining outstanding shares of the preferred stock after meeting the requirements to initiate the mandatory conversion under the original terms of the preferred shares. The Company chose to satisfy the conversion obligation for the mandatory conversion in cash. Although the conversions of the preferred stock into common stock or for cash did not impact the Company’s net income, the shares converted for cash under the mandatory conversion in January 2017 resulted in a one-time reduction of retained earnings of approximately $74.4 million during the fourth quarter ended March 31, 2017, representing the excess of the conversion cost over the carrying value of those shares. The reduction in retained earnings resulted in a corresponding one-time reduction of earnings available to common shareholders for the fiscal year ended March 31, 2017 for purposes of determining the amounts reported for basic and diluted earnings per share. The effects of the conversions on the computation of basic and diluted earnings per share for the fiscal year ended March 31, 2017, are included in the table above. See Note 11 for additional information. For the fiscal year ended March 31, 2016, the Company had 133,600 of potentially dilutive common shares (stock appreciation rights) outstanding that were not included in the computation of diluted earnings per share because their effect would have been antidilutive. The weighted-average exercise price of those shares was $62.66. There were no potentially dilutive common shares outstanding at March 31, 2017 or 2018.

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