EX-12.1 4 s000674x1_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

 

UNIVERSAL CORPORATION

 

RATIO OF EARNINGS TO FIXED CHARGES 

AND 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 

 

       
    Six Months
Ended
September 30, 2014		                                        
      Fiscal Year Ended March 31,  
      2014   2013   2012   2011   2010  
        (in thousands, except for ratios)  
Earnings                          
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates $ 5,013   $ 226,793     $ 201,650     $ 158,783     $ 234,265     $ 234,252  
Fixed charges (net of interest capitalized)   10,349   23,974       25,646     26,882     27,845     29,226  
Distribution of earnings from unconsolidated affiliates   —   6,508       123     16,724     —     11,983  
Total Earnings $ 15,362   $ 257,275     $ 227,419     $ 202,389     $ 262,110     $ 275,461  
                           
Fixed Charges and Preference Dividends                            
Interest expense $ 8,872   $ 20,307     $ 22,013     $ 22,835     $ 23,058     $ 24,210  
Interest capitalized   —   —       —     —     —     —  
Amortization of premiums, discounts, and debt issuance costs   652   1,302       1,343     1,334     1,260     1,837  
Interest component of rent expense   825   2,365       2,290     2,713     3,527     3,179  
Total Fixed Charges   10,349   23,974       25,646     26,882     27,845     29,226  
Dividends on convertible perpetual preferred stock (pretax)   11,423   22,846       22,846     22,846     22,846     22,846  
Total Fixed Charges and Preference Dividends $ 21,772   $ 46,820     $ 48,492     $ 49,728     $ 50,691     $ 52,072  
                           
Ratio of Earnings to Fixed Charges   1.48   10.73       8.87     7.53     9.41     9.43  
                           
Ratio of Earnings to Combined Fixed Charges and Preference Dividends(1)   0.71   5.49       4.69     4.07     5.17     5.29  

 

(1) For the six months ended September 30, 2014, earnings were not sufficient to cover combined fixed charges and preference dividends. The deficiency to fully cover combined fixed charges and preference dividends (i.e., ratio of 1.00) was $6,410.