Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 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 December 31,						Nine Months Ended December 31,
(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	$	44,534		$	53,039		$	61,052		$	68,781
Less: Dividends on convertible perpetual preferred stock	(3,687		)	(3,712		)	(11,061		)	(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	40,847			49,309			49,991			57,626
Denominator for basic earnings per share
Weighted average shares outstanding	22,717,043			23,095,861			22,671,943			23,165,553
Basic earnings per share	$	1.80		$	2.13		$	2.20		$	2.49
Diluted Earnings Per Share
Numerator for diluted earnings per share
Earnings available to Universal Corporation common shareholders	$	40,847		$	49,309		$	49,991		$	57,626
Add: Dividends on convertible perpetual preferred stock (if conversion assumed)	3,687			3,712			—			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	44,534			53,039			49,991			68,781
Denominator for diluted earnings per share
Weighted average shares outstanding	22,717,043			23,095,861			22,671,943			23,165,553
Effect of dilutive securities (if conversion or exercise assumed)
Convertible perpetual preferred stock	4,857,262			4,852,940			—			4,845,818
Employee share-based awards	280,603			342,216			285,107			328,060
Denominator for diluted earnings per share	27,854,908			28,291,017			22,957,050			28,339,431
Diluted earnings per share	$	1.60		$	1.87		$	2.18		$	2.43

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company had the following potentially dilutive securities (stock appreciation rights) outstanding for the nine months ended December 31, 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:

	Nine Months Ended December 31,
	2015		2014
Potentially dilutive securities	133,600		160,800
Weighted-average exercise price	$	62.66	$	61.86