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Earnings Per Share (Tables)
 3 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
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)
 
2016
 
2015
 
 
 
 
 
Basic Earnings (Loss) Per Share
 
 
 
 
Numerator for basic earnings (loss) per share
 
 
 
 
Net income (loss) attributable to Universal Corporation
 
$
(5,476
)
 
$
(5,947
)
Less: Dividends on convertible perpetual preferred stock
 
(3,687
)
 
(3,687
)
Earnings (loss) available to Universal Corporation common shareholders for calculation of basic earnings (loss) per share
 
(9,163
)
 
(9,634
)
 
 
 
 
 
Denominator for basic earnings (loss) per share
 
 
 
 
Weighted average shares outstanding
 
22,734,225

 
22,622,930

 
 
 
 
 
Basic earnings (loss) per share
 
$
(0.40
)
 
$
(0.43
)
 
 
 
 
 
Diluted Earnings (Loss) Per Share
 
 
 
 
Numerator for diluted earnings (loss) per share
 
 
 
 
Earnings (loss) available to Universal Corporation common shareholders
 
$
(9,163
)
 
$
(9,634
)
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
 
(9,163
)
 
(9,634
)
 
 
 
 
 
Denominator for diluted earnings (loss) per share
 
 
 
 
Weighted average shares outstanding
 
22,734,225

 
22,622,930

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

 
—

Employee share-based awards
 
—

 
—

Denominator for diluted earnings (loss) per share
 
22,734,225

 
22,622,930

 
 
 
 
 
Diluted earnings (loss) per share
 
$
(0.40
)
 
$
(0.43
)
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 three months ended June 30, 2016 and 2015 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,
 
 
2016
 
2015
 
 
 
 
 
Potentially dilutive securities
 
127,400

 
156,200

Weighted-average exercise price
 
$
62.66

 
$
61.83