EX-12.0 2 uvv-exhibit12x20151231.htm EXHIBIT 12.0 Exhibit

Exhibit 12

UNIVERSAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
(in thousands, except for ratios)
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
    Pretax income before equity in pretax earnings of unconsolidated affiliates
 
$
65,730

 
$
88,401

 
$
90,366

 
$
93,414

    Fixed charges (net of interest capitalized)
 
4,695

 
5,793

 
13,846

 
16,142

    Distribution of earnings from unconsolidated affiliates
 
3,422

 
5,228

 
3,422

 
5,228

         Total Earnings
 
$
73,847

 
$
99,422

 
$
107,634

 
$
114,784

 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividends
 
 
 
 
 
 
 
 
    Interest expense
 
$
3,937

 
$
4,637

 
$
11,733

 
$
13,509

    Interest capitalized
 
—

 
—

 
—

 
—

    Amortization of premiums, discounts, and debt issuance costs
 
213

 
735

 
638

 
1,387

    Interest component of rent expense
 
545

 
421

 
1,475

 
1,246

         Total Fixed Charges
 
4,695

 
5,793

 
13,846

 
16,142

    Dividends on convertible perpetual preferred stock (pretax)
 
5,673

 
5,711

 
17,018

 
17,134

         Total Fixed Charges and Preference Dividends
 
$
10,368

 
$
11,504

 
$
30,864

 
$
33,276

 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
15.73

 
17.16

 
7.77

 
7.11

 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preference Dividends
 
7.12

 
8.64

 
3.49

 
3.45