EX-12 2 uvv-exhibit12x03312017.htm EXHIBIT 12 Exhibit

Exhibit 12

UNIVERSAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
 
Fiscal Year Ended March 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(in thousands, except for ratios)
Earnings
 
 
 
 
 
 
 
 
 
 
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates
 
$
163,464

 
$
167,156

 
$
151,330

 
$
226,793

 
$
201,650

Fixed charges (net of interest capitalized)
 
18,222

 
18,499

 
20,993

 
23,974

 
25,646

Distribution of earnings from unconsolidated affiliates
 
5,078

 
3,422

 
5,228

 
6,508

 
123

Total Earnings
 
$
186,764

 
$
189,077

 
$
177,551

 
$
257,275

 
$
227,419

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividends
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
16,284

 
$
15,669

 
$
17,120

 
$
20,307

 
$
22,013

Interest capitalized
 
—

 
—

 
—

 
—

 
—

Amortization of premiums, discounts, and debt issuance cost(1)
 
—

 
851

 
1,600

 
1,302

 
1,343

Interest component of rent expense
 
1,938

 
1,979

 
2,273

 
2,365

 
2,290

Total Fixed Charges
 
18,222

 
18,499

 
20,993

 
23,974

 
25,646

Dividends on convertible perpetual preferred stock (pretax)
 
17,017

 
22,689

 
22,806

 
22,846

 
22,846

   Total Fixed Charges and Preference Dividends
 
$
35,239

 
$
41,188

 
$
43,799

 
$
46,820

 
$
48,492

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
10.25

 
10.22

 
8.46

 
10.73

 
8.87

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preference Dividends
 
5.30

 
4.59

 
4.05

 
5.49

 
4.69


(1) The Company began reporting the amortization of premiums, discounts, and debt issuance costs in interest expense effective April 1, 2016 (the beginning of fiscal year 2017). No reclassification has been made for prior reporting periods since the amounts are not material.