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,
	2009		2008		2009		2008
	(in thousands, except for ratios)
Earnings
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates	$	69,402	$	61,499	$	131,584	$	92,970
Fixed charges (net of interest capitalized)		7,990		11,394		17,438		20,341
Distribution of earnings from unconsolidated affiliates		-		-		-		-
Total Earnings	$	77,392	$	72,893	$	149,022	$	113,311
Fixed Charges and Preference Dividends
Interest expense	$	6,694	$	10,113	$	14,849	$	17,779
Interest capitalized		-		-		-		-
Amortization of premiums, discounts, and debt issuance costs		489		227		978		454
Interest component of rent expense		807		1,054		1,611		2,108
Total Fixed Charges		7,990		11,394		17,438		20,341
Dividends on convertible perpetual preferred stock (pretax)		5,711		5,711		11,423		11,423
Total Fixed Charges and Preference Dividends	$	13,701	$	17,105	$	28,861	$	31,764
Ratio of Earnings to Fixed Charges		9.69		6.40		8.55		5.57
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		5.65		4.26		5.16		3.57