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Earnings Per Share
 9 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 5. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share:

 

    Three Months Ended
December 31, 		     Nine Months Ended
December 31,		  
(in thousands, except per share data)   2011     2010     2011     2010  
                                 
Basic Earnings Per Share                                
Numerator for basic earnings per share                                
Net income attributable to Universal Corporation   $ 58,453     $ 52,298     $ 66,302     $ 129,449  
Less: Dividends on convertible perpetual preferred stock     (3,712 )     (3,712 )     (11,137 )     (11,137 )
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share     54,741       48,586       55,165       118,312  
                                 
Denominator for basic earnings per share                                
Weighted average shares outstanding     23,238       23,738       23,220       24,010  
                                 
Basic earnings per share   $ 2.36     $ 2.05     $ 2.38     $ 4.93  
                                 
Diluted Earnings Per Share                                
Numerator for diluted earnings per share                                
Earnings available to Universal Corporation common shareholders   $ 54,741     $ 48,586     $ 55,165     $ 118,312  
Add: Dividends on convertible perpetual preferred stock (if conversion assumed)     3,712       3,712       11,137       11,137  
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share     58,453       52,298       66,302       129,449  
                                 
Denominator for diluted earnings per share:                                
Weighted average shares outstanding     23,238       23,738       23,220       24,010  
Effect of dilutive securities (if conversion or exercise assumed)                                
Convertible perpetual preferred stock     4,775       4,752       4,769       4,747  
Employee share-based awards     368       302       320       262  
Denominator for diluted earnings per share     28,381       28,792       28,309       29,019  
                                 
Diluted earnings per share   $ 2.06     $ 1.82     $ 2.34     $ 4.46  

 

For the nine months ended December 31, 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 435,801 shares at a weighted-average exercise price of $55.81 for the nine months ended December 31, 2011, and 669,401 shares at a weighted-average exercise price of $52.48 for the nine months ended December 31, 2010.