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Earnings Per Share
 12 Months Ended
Mar. 31, 2016
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)
2016
 
2015
 
2014
Basic Earnings Per Share
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
Net income attributable to Universal Corporation
$
109,016

 
$
114,608

 
$
149,009

Less: Dividends on convertible perpetual preferred stock
(14,748
)
 
(14,824
)
 
(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
94,268

 
99,748

 
134,159

 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
Weighted average shares outstanding
22,683,290

 
23,035,920

 
23,238,978

 
 
 
 
 
 
Basic earnings per share
$
4.16

 
$
4.33

 
$
5.77

 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
$
94,268

 
$
99,748

 
$
134,159

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
14,748

 
14,824

 
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
109,016

 
114,608

 
149,009

 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
Weighted average shares outstanding
22,683,290

 
23,035,920

 
23,238,978

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
Convertible perpetual preferred stock
4,853,268

 
4,843,309

 
4,821,557

Employee share-based awards
288,933

 
342,035

 
331,498

Denominator for diluted earnings per share
27,825,491

 
28,221,264

 
28,392,033

 
 
 
 
 
 
Diluted earnings per share
$
3.92

 
$
4.06

 
$
5.25

For the fiscal years ended March 31, 2016, 2015, and 2014, 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,
 
2016
 
2015
 
2014
Potentially dilutive securities
133,600

 
156,200

 
169,000

Weighted-average exercise price
$
62.66

 
$
61.83

 
$
62.66