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

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,
2004
     2008    2007    2006    2005   
     (in thousands, except for ratios)

Earnings

               

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

    $ 166,782    $ 120,642    $ 533    $ 109,756    $ 134,062

Fixed charges (net of interest capitalized)

      43,675      55,491      62,703      43,451      26,444

Distribution of earnings from unconsolidated affiliates

      9,189      7,878      21,845      4,613      4,496
                                  

Total Earnings

    $ 219,646    $ 184,011    $ 85,081    $ 157,820    $ 165,002
                                  

Fixed Charges and Preference Dividends

               

Interest expense

    $ 41,908    $ 53,794    $ 60,787    $ 41,599    $ 25,208

Interest capitalized

      —        —        799      498      449

Amortization of premiums, discounts, and debt issuance costs

      1,767      1,697      1,916      1,852      1,236
                                  

Total Fixed Charges

      43,675      55,491      63,502      43,949      26,893

Dividends on convertible perpetual preferred stock (pretax)

      22,846      22,592      —        —        —  
                                  

Total Fixed Charges and Preference Dividends

    $ 66,521    $ 78,083    $ 63,502    $ 43,949    $ 26,893
                                  

Ratio of Earnings to Fixed Charges

      5.03      3.32      1.34      3.59      6.14
                                  

Ratio of Earnings to Combined Fixed Charges and Preference Dividends

      3.30      2.36      1.34      3.59      6.14