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,
	2014		2013		2012		2011		2010
	(in thousands, except for ratios)
Earnings
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates	$	226,793	$	201,650	$	158,783	$	234,265	$	234,252
Fixed charges (net of interest capitalized)	23,974		25,646		26,882		27,845		29,226
Distribution of earnings from unconsolidated affiliates	6,508		123		16,724		—		11,983
Total Earnings	$	257,275	$	227,419	$	202,389	$	262,110	$	275,461
Fixed Charges and Preference Dividends
Interest expense	$	20,307	$	22,013	$	22,835	$	23,058	$	24,210
Interest capitalized	—		—		—		—		—
Amortization of premiums, discounts, and debt issuance costs	1,302		1,343		1,334		1,260		1,837
Interest component of rent expense	2,365		2,290		2,713		3,527		3,179
Total Fixed Charges	23,974		25,646		26,882		27,845		29,226
Dividends on convertible perpetual preferred stock (pretax)	22,846		22,846		22,846		22,846		22,846
Total Fixed Charges and Preference Dividends	$	46,820	$	48,492	$	49,728	$	50,691	$	52,072
Ratio of Earnings to Fixed Charges	10.73		8.87		7.53		9.41		9.43
Ratio of Earnings to Combined Fixed Charges and Preference Dividends	5.49		4.69		4.07		5.17		5.29