EX-12 2 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

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
September 30,		    Six Months Ended
September 30,

(in thousands, except for ratios)

    2007    2006    2007    2006

Earnings

            

Pretax income from continuing operations before equity in pretax earnings (loss) of unconsolidated affiliates

    $ 70,154    $ 49,405    $ 92,808    $ 43,586

Fixed charges (net of interest capitalized)

      10,930      14,887      22,683      28,504

Distribution of earnings from unconsolidated affiliates

      —        —        172      —  
                           

Total Earnings

    $ 81,084    $ 64,292    $ 115,663    $ 72,090
                           

Fixed Charges and Preference Dividends

            

Interest expense

    $ 10,569    $ 14,442    $ 21,960    $ 27,614

Interest capitalized

      —        —        —        —  

Amortization of premiums, discounts, and debt issuance costs

      361      445      723      890
                           

Total Fixed Charges

      10,930      14,887      22,683      28,504

Dividends on convertible perpetual preferred stock (pretax)

      5,755      5,757      11,512      11,256
                           

Total Fixed Charges and Preference Dividends

    $ 16,685    $ 20,644    $ 34,195    $ 39,760
                           

Ratio of Earnings to Fixed Charges

      7.42      4.32      5.10      2.53
                           

Ratio of Earnings to Combined Fixed Charges and Preference Dividends

      4.86      3.11      3.38      1.81