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Earnings Per Share
 12 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
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.