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Earnings Per Share (Tables)
 9 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted earnings per share:
 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
(in thousands, except per share data)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
 
 
 
Net income attributable to Universal Corporation
 
$
38,585

 
$
35,542

 
$
122,338

 
$
106,648

Less: Dividends on convertible perpetual preferred stock
 
(3,712
)
 
(3,712
)
 
(11,137
)
 
(11,137
)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
34,873

 
31,830

 
111,201

 
95,511

 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,216

 
23,406

 
23,246

 
23,361

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
1.50

 
$
1.36

 
$
4.78

 
$
4.09

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
34,873

 
$
31,830

 
$
111,201

 
$
95,511

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

 
3,712

 
11,137

 
11,137

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
38,585

 
35,542

 
122,338

 
106,648

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,216

 
23,406

 
23,246

 
23,361

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
 
 
 
Convertible perpetual preferred stock
 
4,824

 
4,800

 
4,818

 
4,794

Employee share-based awards
 
324

 
311

 
324

 
315

Denominator for diluted earnings per share
 
28,364

 
28,517

 
28,388

 
28,470

 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
1.36

 
$
1.25

 
$
4.31

 
$
3.75
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
For the nine months ended December 31, 2013 and 2012, the Company had the following potentially dilutive securities (stock appreciation rights) outstanding that were not included in the computation of diluted earnings per share because their effect would have been antidilutive:
 
 
Nine Months Ended December 31,
 
 
2013
 
2012
 
 
 
 
 
Potentially dilutive securities (shares in thousands)
 
169

 
301

Weighted-average exercise price
 
$
62.66

 
$
58.15