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 June 30,
	2007		2006
	(in thousands, except for ratios)
Earnings
Pretax income from continuing operations before equity in pretax earnings (loss) of unconsolidated affiliates	$	22,654	$	(5,819	)
Fixed charges (net of interest capitalized)		11,753		13,617
Distribution of earnings from unconsolidated affiliates		172		—
Total Earnings	$	34,579	$	7,798
Fixed Charges and Preference Dividends
Interest expense	$	11,391	$	13,172
Interest capitalized		—		—
Amortization of premiums, discounts, and debt issuance costs		362		445
Total Fixed Charges		11,753		13,617
Dividends on convertible perpetual preferred stock (pretax)		5,712		5,617
Total Fixed Charges and Preference Dividends	$	17,465	$	19,234
Ratio of Earnings to Fixed Charges		2.94		0.57
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		1.98		0.41
				(A)

(A) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preference dividends for the three months ended June 30, 2006, were less than 1.00 due to a non-recurring impairment charge of $12,289. Had earnings been $5,819 higher, the ratio of earnings to fixed charges would have been 1.00. Had earnings been $11,436 higher, the ratio of earnings to combined fixed charges and preference dividends would have been 1.00.