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,
(in thousands, except for ratios)	2007		2006		2007		2006
Earnings
Pretax income from continuing operations before equity in pretax earnings (loss) of unconsolidated affiliates	$	73,275	$	56,690	$	166,083	$	100,276
Fixed charges (net of interest capitalized)		10,590		14,792		33,273		43,296
Distribution of earnings from unconsolidated affiliates		—		7,878		172		7,878
Total Earnings	$	83,865	$	79,360	$	199,528	$	151,450
Fixed Charges and Preference Dividends
Interest expense	$	10,313	$	14,347	$	32,273	$	41,961
Interest capitalized		—		—		—		—
Amortization of premiums, discounts, and debt issuance costs		277		445		1,000		1,335
Total Fixed Charges		10,590		14,792		33,273		43,296
Dividends on convertible perpetual preferred stock (pretax)		5,755		5,757		17,267		17,012
Total Fixed Charges and Preference Dividends	$	16,345	$	20,549	$	50,540	$	60,308
Ratio of Earnings to Fixed Charges		7.92		5.37		6.00		3.50
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		5.13		3.86		3.95		2.51