| Earnings Per Share |
EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2012 | | 2011 | | 2010 | Basic Earnings Per Share | | | | | | Numerator for basic earnings per share | | | | | | Net income attributable to Universal Corporation | $ | 92,057 |
| | $ | 156,565 |
| | $ | 168,397 |
| Less: Dividends on convertible perpetual preferred stock | (14,850 | ) | | (14,850 | ) | | (14,850 | ) | Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share | 77,207 |
| | 141,715 |
| | 153,547 |
| | | | | | | Denominator for basic earnings per share | | | | | | Weighted average shares outstanding | 23,228 |
| | 23,859 |
| | 24,732 |
| | | | | | | Basic earnings per share | $ | 3.32 |
| | $ | 5.94 |
| | $ | 6.21 |
| | | | | | | Diluted Earnings Per Share | | | | | | Numerator for diluted earnings per share | | | | | | Earnings available to Universal Corporation common shareholders | $ | 77,207 |
| | $ | 141,715 |
| | $ | 153,547 |
| Add: Dividends on convertible perpetual preferred stock (if conversion assumed) | 14,850 |
| | 14,850 |
| | 14,850 |
| Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share | 92,057 |
| | 156,565 |
| | 168,397 |
| | | | | | | Denominator for diluted earnings per share | | | | | | Weighted average shares outstanding | 23,228 |
| | 23,859 |
| | 24,732 |
| Effect of dilutive securities (if conversion or exercise assumed) | | | | | | Convertible perpetual preferred stock | 4,772 |
| | 4,750 |
| | 4,733 |
| Employee share-based awards | 339 |
| | 279 |
| | 197 |
| Denominator for diluted earnings per share | 28,339 |
| | 28,888 |
| | 29,662 |
| | | | | | | Diluted earnings per share | $ | 3.25 |
| | $ | 5.42 |
| | $ | 5.68 |
|
For the fiscal years ended March 31, 2012, 2011, and 2010, certain stock appreciation rights and certain stock options outstanding were not included in the computation of diluted earnings per share because their effect would have been antidilutive. These shares totaled 348,451 at a weighted-average exercise price of $56.75 for the fiscal year ended March 31, 2012, 622,801 at a weighted-average exercise price of $53.44 for the fiscal year ended March 31, 2011, and 404,800 at a weighted-average exercise price of $58.96 for the fiscal year ended March 31, 2010. |