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Earnings Per Share
 3 Months Ended
Jun. 30, 2011
Earnings Per Share  
Earnings Per Share
NOTE 5.   EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:
 
   
Three Months Ended June 30,
  
(in thousands, except per share data)
  
2011
    
2010
  
             
Basic Earnings Per Share
            
Numerator for basic earnings per share
            
Net income attributable to Universal Corporation
   $ 15,888     $ 25,320  
Less:  Dividends on convertible perpetual preferred stock
     (3,712 )     (3,712 )
Earnings available to Universal Corporation common shareholders
                
for calculation of basic earnings per share
     12,176       21,608  
                 
Denominator for basic earnings per share
                
Weighted average shares outstanding
     23,194       24,213  
                 
Basic earnings per share
   $ 0.52     $ 0.89  
                 
Diluted Earnings Per Share
                
Numerator for diluted earnings per share
                
Earnings available to Universal Corporation common shareholders
   $ 12,176     $ 21,608  
Add:  Dividends on convertible perpetual preferred stock (if
                
conversion assumed)
     —       3,712  
Earnings available to Universal Corporation common shareholders
                
for calculation of diluted earnings per share
     12,176       25,320  
                 
Denominator for diluted earnings per share:
                
Weighted average shares outstanding
     23,194       24,213  
Effect of dilutive securities (if conversion or exercise assumed)
                
Convertible perpetual preferred stock
     —       4,742  
Employee share-based awards
     319       260  
                 
Denominator for diluted earnings per share
     23,513       29,215  
                 
Diluted earnings per share
   $ 0.52     $ 0.87  

For the three months ended June 30, 2011, conversion of the Company's outstanding Series B 6.75% Convertible Perpetual Preferred Stock was not assumed since the effect would have been antidilutive.  For the three months ended June 30, 2011 and 2010, certain employee share-based awards were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.  These awards included stock appreciation rights and stock options totaling 585,601 shares at a weighted-average exercise price of $51.43 for the quarter ended June 30, 2011, and 657,401 shares at a weighted-average exercise price of $52.65 for the quarter ended June 30, 2010.