XML 61 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 9 Months Ended
Dec. 31, 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 December 31,
 
Nine Months Ended December 31,
(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
 
$
53,039

 
$
38,585

 
$
68,781

 
$
122,338

Less: Dividends on convertible perpetual preferred stock
 
(3,712
)
 
(3,712
)
 
(11,137
)
 
(11,137
)
Less: Cost in excess of carrying value on repurchases of convertible perpetual preferred stock
 
(18
)
 
—

 
(18
)
 
—

Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
49,309

 
34,873

 
57,626

 
111,201

 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,095,861

 
23,216,145

 
23,165,553

 
23,246,396

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
2.13

 
$
1.50

 
$
2.49

 
$
4.78

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
49,309

 
$
34,873

 
$
57,626

 
$
111,201

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

 
3,712

 
11,137

 
11,137

Add: Cost in excess of carrying value on repurchases of convertible perpetual preferred stock
 
18

 
—

 
18

 
—

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
53,039

 
38,585

 
68,781

 
122,338

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
23,095,861

 
23,216,145

 
23,165,553

 
23,246,396

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
 
 
 
Convertible perpetual preferred stock
 
4,852,940

 
4,824,320

 
4,845,818

 
4,818,274

Employee share-based awards
 
342,216

 
323,947

 
328,060

 
323,867

Denominator for diluted earnings per share
 
28,291,017

 
28,364,412

 
28,339,431

 
28,388,537

 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
1.87

 
$
1.36

 
$
2.43

 
$
4.31


For the nine months ended December 31, 2014 and 2013, 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 exercise price exceeded the market price of the Company's common stock, and thus their effect would have been antidilutive:
 
 
Nine Months Ended December 31,
 
 
2014
 
2013
 
 
 
 
 
Potentially dilutive securities (shares in thousands)
 
161

 
169

Weighted-average exercise price
 
$
61.86

 
$
62.66