Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

UNIVERSAL CORPORATION

	Fiscal Year Ended March 31,
	2011		2010		2009		2008		2007
	(in thousands, except for ratios)
Earnings
Pretax income from continuing operations before equity in pretax earnings (loss) of unconsolidated affiliates	$	234,265	$	234,252	$	176,606	$	166,782	$	120,642
Fixed charges (net of interest capitalized)		27,845		29,226		40,797		48,014		59,376
Distribution of earnings from unconsolidated affiliates		—		11,983		8,680		9,189		7,878
Total Earnings	$	262,110	$	275,461	$	226,083	$	223,985	$	187,896
Fixed Charges and Preference Dividends
Interest expense	$	23,058	$	24,210	$	35,631	$	41,908	$	53,794
Interest capitalized		—		—		—		—		—
Amortization of premiums, discounts, and debt issuance costs		1,260		1,837		948		1,767		1,697
Interest component of rent expense		3,527		3,179		4,218		4,339		3,885
Total Fixed Charges		27,845		29,226		40,797		48,014		59,376
Dividends on convertible perpetual preferred stock (pretax)		22,846		22,846		22,846		22,846		22,592
Total Fixed Charges and Preference Dividends	$	50,691	$	52,072	$	63,643	$	70,860	$	81,968
Ratio of Earnings to Fixed Charges		9.41		9.43		5.54		4.66		3.16
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		5.17		5.29		3.55		3.16		2.29