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Earnings Per Share
 3 Months Ended
Jun. 30, 2012
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 June 30,
(in thousands, except per share data)
 
2012
 
2011
 
 
 
 
 
Basic Earnings Per Share
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
Net income attributable to Universal Corporation
 
$
23,125

 
$
15,888

Less: Dividends on convertible perpetual preferred stock
 
(3,712
)
 
(3,712
)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
19,413

 
12,176

 
 
 
 
 
 Denominator for basic earnings per share
 
 
 
 
Weighted average shares outstanding
 
23,297

 
23,194

 
 
 
 
 
 Basic earnings per share
 
$
0.83

 
$
0.52

 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
19,413

 
$
12,176

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
 
3,712

 
—

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
23,125

 
12,176

 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
Weighted average shares outstanding
 
23,297

 
23,194

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
Convertible perpetual preferred stock
 
4,788

 
—

Employee share-based awards
 
306

 
319

Denominator for diluted earnings per share
 
28,391

 
23,513

 
 
 
 
 
Diluted earnings per share
 
$
0.81

 
$
0.52


For the three months ended June 30, 2012 and 2011, certain stock appreciation rights and certain stock options outstanding were not included in the computation of diluted earnings per share because their effect would have been antidilutive. These shares totaled 399,801 at a weighted-average exercise price of $55.37 for the quarter ended June 30, 2012, and 585,601 at a weighted-average exercise price of $51.43 for the quarter ended June 30, 2011. In addition, for the three months ended June 30, 2011, conversion of the Company’s outstanding Series B 6.75% Convertible Perpetual Preferred Stock was not assumed since the effect would have been antidilutive.