Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2018

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