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Earnings Per Share
 3 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
 
Three Months Ended June 30,
(in thousands, except share and per share data)
 
2015
 
2014
 
 
 
 
 
Basic Earnings (Loss) Per Share
 
 
 
 
Numerator for basic earnings (loss) per share
 
 
 
 
Net income (loss) attributable to Universal Corporation
 
$
(5,947
)
 
$
717

Less: Dividends on convertible perpetual preferred stock
 
(3,687
)
 
(3,712
)
Earnings (loss) available to Universal Corporation common shareholders for calculation of basic earnings (loss) per share
 
(9,634
)
 
(2,995
)
 
 
 
 
 
Denominator for basic earnings (loss) per share
 
 
 
 
Weighted average shares outstanding
 
22,622,930

 
23,223,343

 
 
 
 
 
Basic earnings (loss) per share
 
$
(0.43
)
 
$
(0.13
)
 
 
 
 
 
Diluted Earnings (Loss) Per Share
 
 
 
 
Numerator for diluted earnings (loss) per share
 
 
 
 
Earnings (loss) available to Universal Corporation common shareholders
 
$
(9,634
)
 
$
(2,995
)
Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
 
—

 
—

Earnings (loss) available to Universal Corporation common shareholders for calculation of diluted earnings (loss) per share
 
(9,634
)
 
(2,995
)
 
 
 
 
 
Denominator for diluted earnings (loss) per share
 
 
 
 
Weighted average shares outstanding
 
22,622,930

 
23,223,343

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

 
—

Employee share-based awards
 
—

 
—

Denominator for diluted earnings (loss) per share
 
22,622,930

 
23,223,343

 
 
 
 
 
Diluted earnings (loss) per share
 
$
(0.43
)
 
$
(0.13
)

For the three months ended June 30, 2015 and 2014, conversion of the Company's outstanding Series B 6.75% Convertible Perpetual Preferred Stock and exercise or distribution of employee share-based awards were not assumed since the effects would have been antidilutive. The Company had the following potentially dilutive securities (stock appreciation rights) outstanding for the three months ended June 30, 2015 and 2014 that were not included in the computation of diluted earnings (loss) per share because their exercise price exceeded the market price of the Company's common stock, and thus their effect would have been antidilutive:
 
 
Three Months Ended June 30,
 
 
2015
 
2014
 
 
 
 
 
Potentially dilutive securities
 
156,200

 
169,000

Weighted-average exercise price
 
$
61.83

 
$
62.66