XML 82 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 12 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share:
 
Fiscal Year Ended March 31,
(in thousands, except share and per share data)
2015
 
2014
 
2013
Basic Earnings Per Share
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
Net income attributable to Universal Corporation
$
114,608

 
$
149,009

 
$
132,750

Less: Dividends on convertible perpetual preferred stock
(14,824
)
 
(14,850
)
 
(14,850
)
Less: Cost in excess of carrying value on repurchases of convertible perpetual preferred stock
(36
)
 
—

 
—

Earnings available to Universal Corporation common shareholders for
calculation of basic earnings per share
99,748

 
134,159

 
117,900

 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
Weighted average shares outstanding
23,035,920

 
23,238,978

 
23,354,793

 
 
 
 
 
 
Basic earnings per share
$
4.33

 
$
5.77

 
$
5.05

 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
$
99,748

 
$
134,159

 
$
117,900

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
14,824

 
14,850

 
14,850

Add: Cost in excess of carrying value on repurchases of convertible perpetual preferred stock
36

 
—

 
—

Earnings available to Universal Corporation common shareholders for
calculation of diluted earnings per share
114,608

 
149,009

 
132,750

 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
Weighted average shares outstanding
23,035,920

 
23,238,978

 
23,354,793

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
Convertible perpetual preferred stock
4,843,309

 
4,821,557

 
4,796,813

Employee share-based awards
342,035

 
331,498

 
326,452

Denominator for diluted earnings per share
28,221,264

 
28,392,033

 
28,478,058

 
 
 
 
 
 
Diluted earnings per share
$
4.06

 
$
5.25

 
$
4.66

For the fiscal years ended March 31, 2015, 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 effect would have been antidilutive:
 
Fiscal Year Ended March 31,
 
2015
 
2014
 
2013
Potentially dilutive securities
156,200

 
169,000

 
169,000

Weighted-average exercise price
$
61.83

 
$
62.66

 
$
62.66