Exhibit 12

UNIVERSAL CORPORATION AND SUBSIDIARIES

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,
	2011		2010		2011		2010
	(in thousands, except for ratios)
Earnings
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates	$	87,414	$	82,088	$	122,163	$	193,670
Fixed charges (net of interest capitalized)		7,176		7,389		20,229		20,644
Distribution of earnings from unconsolidated affiliates		—		—		16,724		—
Total Earnings	$	94,590	$	89,477	$	159,116	$	214,314
Fixed Charges and Preference Dividends
Interest expense	$	6,175	$	6,257	$	17,373	$	17,245
Interest capitalized		—		—		—		—
Amortization of premiums, discounts, and debt issuance costs		401		311		1,008		950
Interest component of rent expense		600		821		1,848		2,449
Total Fixed Charges		7,176		7,389		20,229		20,644
Dividends on convertible perpetual preferred stock (pretax)		5,711		5,711		17,134		17,134
Total Fixed Charges and Preference Dividends	$	12,887	$	13,100	$	37,363	$	37,778
Ratio of Earnings to Fixed Charges		13.18		12.11		7.87		10.38
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		7.34		6.83		4.26		5.67