Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2017

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)	2017		2016			2017		2016
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$	45,400	$	53,647		$	75,144	$	73,435
Less: Dividends on convertible perpetual preferred stock	—		(3,687		)	—		(11,061		)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share	45,400		49,960			75,144		62,374
Denominator for basic earnings per share
Weighted average shares outstanding	25,230,336		22,982,473			25,323,796		22,831,717
Basic earnings per share	$	1.80	$	2.17		$	2.97	$	2.73
Diluted Earnings Per Share
Numerator for diluted earnings per share
Earnings available to Universal Corporation common shareholders	$	45,400	$	49,960		$	75,144	$	62,374
Add: Dividends on convertible perpetual preferred stock (if conversion assumed)	—		3,687			—		11,061
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share	45,400		53,647			75,144		73,435
Denominator for diluted earnings per share:
Weighted average shares outstanding	25,230,336		22,982,473			25,323,796		22,831,717
Effect of dilutive securities (if conversion or exercise assumed)
Convertible perpetual preferred stock	—		4,693,155			—		4,816,904
Employee share-based awards	230,073		320,955			222,274		318,594
Denominator for diluted earnings per share	25,460,409		27,996,583			25,546,070		27,967,215
Diluted earnings per share	$	1.78	$	1.92		$	2.94	$	2.63

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, 2016 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,
	2016
Potentially dilutive securities	122,200
Weighted-average exercise price	$	62.66

At December 31, 2017, all previously-granted stock appreciation rights had been exercised or had expired, and none were outstanding.