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Earnings Per Share
 6 Months Ended
Sep. 30, 2014
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 September 30,
 
Six Months Ended September 30,
(in thousands, except share and per share data)
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
 
 
 
Net income attributable to Universal Corporation
 
$
15,025

 
$
25,444

 
$
15,742

 
$
83,753

Less: Dividends on convertible perpetual preferred stock
 
(3,713
)
 
(3,713
)
 
(7,425
)
 
(7,425
)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
11,312

 
21,731

 
8,317

 
76,328

 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,178,082

 
23,207,043

 
23,200,589

 
23,261,604

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.49

 
$
0.94

 
$
0.36

 
$
3.28

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
11,312

 
$
21,731

 
$
8,317

 
$
76,328

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
 
—

 
3,713

 
—

 
7,425

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
11,312

 
25,444

 
8,317

 
83,753

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,178,082

 
23,207,043

 
23,200,589

 
23,261,604

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
 
 
 
Convertible perpetual preferred stock
 
—

 
4,818,160

 
—

 
4,815,235

Employee share-based awards
 
330,345

 
311,342

 
320,982

 
323,827

Denominator for diluted earnings per share
 
23,508,427

 
28,336,545

 
23,521,571

 
28,400,666

 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.48

 
$
0.90

 
$
0.35

 
$
2.95


For the three- and six-month periods ended September 30, 2014, conversion of the Company's outstanding Series B 6.75% Convertible Perpetual Preferred Stock was not assumed since the effects would have been antidilutive. The Company also had the following potentially dilutive securities (stock appreciation rights) outstanding for the six months ended September 30, 2014 and 2013 that were not included in the computation of diluted earnings per share because their exercise price exceeded the market price of the Company's common stock, and thus their effect would have been antidilutive:
 
 
Six Months Ended September 30,
 
 
2014
 
2013
 
 
 
 
 
Potentially dilutive securities (shares in thousands)
 
169

 
169

Weighted-average exercise price
 
$
62.66

 
$
62.66