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,						Nine- Month Transition Year Ended March 31,		Fiscal Year Ended June 30,
	2007		2006		2005		2004		2003
	(in thousands, except for ratios)
Earnings
Pretax income from continuing operations before equity in pretax earnings (loss) of unconsolidated affiliates	$	120,642	$	533	$	109,756	$	134,062	$	131,686
Fixed charges (net of interest capitalized)		55,491		62,703		43,451		26,444		36,600
Distribution of earnings from unconsolidated affiliates		7,878		21,845		4,613		4,496		6,607
Total Earnings	$	184,011	$	85,081	$	157,820	$	165,002	$	174,893
Fixed Charges and Preference Dividends
Interest expense	$	53,794	$	60,787	$	41,599	$	25,208	$	34,411
Interest capitalized		—		799		498		449		1,957
Amortization of premiums, discounts, and debt issuance costs		1,697		1,916		1,852		1,236		2,189
Total Fixed Charges		55,491		63,502		43,949		26,893		38,557
Dividends on convertible perpetual preferred stock (pretax)		22,592		—		—		—		—
Total Fixed Charges and Preference Dividends	$	78,083	$	63,502	$	43,949	$	26,893	$	38,557
Ratio of Earnings to Fixed Charges		3.32		1.34		3.59		6.14		4.54
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		2.36		1.34		3.59		6.14		4.54