Exhibit 12

UNIVERSAL CORPORATION AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended December 31,					Nine Months Ended December 31,
	2005			2004		2005		2004
				(in thousands, except for ratios)
Pretax income from continuing operations	$	(10,118	)	$	36,265	$	55,002	$	100,510
Distribution of earnings from unconsolidated affliates		—			—		8,829		1,800
Fixed charges		22,166			16,202		61,620		43,870
Earnings	$	12,048		$	52,467	$	125,451	$	146,180
Interest	$	21,745		$	15,721	$	60,165	$	42,484
Interest capitalized		—			—		799		—
Amortization of premiums and other		421			481		1,455		1,386
Fixed Charges	$	22,166		$	16,202	$	62,419	$	43,870
Ratio of Earnings to Fixed Charges		0.54	(A)		3.24		2.01		3.33

(A) The ratio of earnings to fixed charges for the three months ended December 31, 2005, was less than 1.00 due to a nonrecurring charge of $23,861 for restructuring and impairment costs. Had earnings been $10,118 higher, the ratio of earnings to fixed charges would have been 1.00.

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