Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

UNIVERSAL CORPORATION

	Six Months Ended September 30, 2008		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	$	92,970	$	166,782	$	120,642	$	533	$	109,756	$	134,062
Fixed charges (net of interest capitalized)		18,233		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	$	111,203	$	219,646	$	184,011	$	85,081	$	157,820	$	165,002
Fixed Charges and Preference Dividends
Interest expense	$	17,779	$	41,908	$	53,794	$	60,787	$	41,599	$	25,208
Interest capitalized		—		—		—		799		498		449
Amortization of premiums, discounts, and debt issuance costs		454		1,767		1,697		1,916		1,852		1,236
Total Fixed Charges		18,233		43,675		55,491		63,502		43,949		26,893
Dividends on convertible perpetual preferred stock (pretax)		11,423		22,846		22,592		—		—		—
Total Fixed Charges and Preference Dividends	$	29,656	$	66,521	$	78,083	$	63,502	$	43,949	$	26,893
Ratio of Earnings to Fixed Charges		6.10		5.03		3.32		1.34		3.59		6.14
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		3.75		3.30		2.36		1.34		3.59		6.14