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,
	2008		2007		2008		2007
	(in thousands, except for ratios)
Earnings
Pretax income from continuing operations before equity in pretax earnings (loss) of unconsolidated affiliates	$	66,172	$	73,275	$	159,142	$	166,083
Fixed charges (net of interest capitalized)		11,661		10,590		29,894		33,273
Distribution of earnings from unconsolidated affiliates		—		—		—		172
Total Earnings	$	77,833	$	83,865	$	189,036	$	199,528
Fixed Charges and Preference Dividends
Interest expense	$	11,435	$	10,313	$	29,214	$	32,273
Interest capitalized		—		—		—		—
Amortization of premiums, discounts, and debt issuance costs		226		277		680		1,000
Total Fixed Charges		11,661		10,590		29,894		33,273
Dividends on convertible perpetual preferred stock (pretax)		5,711		5,755		17,134		17,267
Total Fixed Charges and Preference Dividends	$	17,372	$	16,345	$	47,028	$	50,540
Ratio of Earnings to Fixed Charges		6.67		7.92		6.32		6.00
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		4.48		5.13		4.02		3.95