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Earnings Per Share (Tables)
 6 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
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)
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
 
 
 
Net income attributable to Universal Corporation
 
$
22,465

 
$
15,025

 
$
16,518

 
$
15,742

Less: Dividends on convertible perpetual preferred stock
 
(3,687
)
 
(3,713
)
 
(7,374
)
 
(7,425
)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
18,778

 
11,312

 
9,144

 
8,317

 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
22,675,323

 
23,178,082

 
22,649,270

 
23,200,589

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.83

 
$
0.49

 
$
0.40

 
$
0.36

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
18,778

 
$
11,312

 
$
9,144

 
$
8,317

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
 
3,687

 
—

 
—

 
—

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
22,465

 
11,312

 
9,144

 
8,317

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
22,675,323

 
23,178,082

 
22,649,270

 
23,200,589

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
 
 
 
Convertible perpetual preferred stock
 
4,848,766

 
—

 
—

 
—

Employee share-based awards
 
326,539

 
330,445

 
287,361

 
320,982

Denominator for diluted earnings per share
 
27,850,628

 
23,508,527

 
22,936,631

 
23,521,571

 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.81

 
$
0.48

 
$
0.40

 
$
0.35
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
For the six months ended September 30, 2015 and 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 had the following potentially dilutive securities (stock appreciation rights) outstanding for the six months ended September 30, 2015 and 2014 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,
 
 
2015
 
2014
 
 
 
 
 
Potentially dilutive securities
 
133,600

 
169,000

Weighted-average exercise price
 
$
62.66

 
$
62.66