EX-12.0 2 uvv-exhibit12x20161231.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)
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
    Pretax income before equity in pretax earnings of unconsolidated affiliates
 
$
79,638

 
$
65,730

 
$
107,209

 
$
90,366

    Fixed charges (net of interest capitalized)
 
4,486

 
4,695

 
13,677

 
13,846

    Distribution of earnings from unconsolidated affiliates
 
5,078

 
3,422

 
5,078

 
3,422

         Total Earnings
 
$
89,202

 
$
73,847

 
$
125,964

 
$
107,634

 
 
 
 
 
 
 
 
 
Fixed Charges and Preference Dividends
 
 
 
 
 
 
 
 
    Interest expense
 
$
4,051

 
$
3,937

 
$
12,440

 
$
11,733

    Interest capitalized
 

 

 

 

    Amortization of premiums, discounts, and debt issuance costs (1)
 

 
213

 

 
638

    Interest component of rent expense
 
435

 
545

 
1,237

 
1,475

         Total Fixed Charges
 
4,486

 
4,695

 
13,677

 
13,846

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

 
5,673

 
17,018

 
17,018

         Total Fixed Charges and Preference Dividends
 
$
10,159

 
$
10,368

 
$
30,695

 
$
30,864

 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
19.88

 
15.73

 
9.21

 
7.77

 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preference Dividends
 
8.78

 
7.12

 
4.10

 
3.49


(1) The Company began reporting the amortization of premiums, discounts, and debt issuance costs in interest expense effective April 1, 2016 (the beginning of fiscal year 2017). No reclassification has been made for prior reporting periods since the amounts are not material.