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,
     2008    2007    2008    2007
     (in thousands, except for ratios)

Earnings

            

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

    $ 61,499    $ 70,154    $ 92,970    $ 92,808

Fixed charges (net of interest capitalized)

      10,340      10,930      18,233      22,683

Distribution of earnings from unconsolidated affiliates

      —        —        —        172
                           

Total Earnings

    $ 71,839    $ 81,084    $ 111,203    $ 115,663
                           

Fixed Charges and Preference Dividends

            

Interest expense

    $ 10,113    $ 10,569    $ 17,779    $ 21,960

Interest capitalized

      —        —        —        —  

Amortization of premiums, discounts, and debt issuance costs

      227      361      454      723
                           

Total Fixed Charges

      10,340      10,930      18,233      22,683

Dividends on convertible perpetual preferred stock (pretax)

      5,712      5,755      11,423      11,512
                           

Total Fixed Charges and Preference Dividends

    $ 16,052    $ 16,685    $ 29,656    $ 34,195
                           

Ratio of Earnings to Fixed Charges

      6.95      7.42      6.10      5.10
                           

Ratio of Earnings to Combined Fixed Charges and Preference Dividends

      4.48      4.86      3.75      3.38
                           

 

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