Attached files
| file | filename |
|---|---|
| EX-32.1 - EXHIBIT 32.1 - UNIVERSAL CORP /VA/ | uvv-exhibit321x20161231.htm |
| EX-31.1 - EXHIBIT 31.1 - UNIVERSAL CORP /VA/ | uvv-exhibit311x20161231.htm |
| 10-Q - 10-Q - UNIVERSAL CORP /VA/ | uvv-10qx20161231.htm |
Exhibit 12
UNIVERSAL CORPORATION
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, | |||||||||||||||
(in thousands, except for ratios) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Earnings | ||||||||||||||||
Pretax income before equity in pretax earnings of unconsolidated affiliates | $ | 79,638 | $ | 65,730 | $ | 107,209 | $ | 90,366 | ||||||||
Fixed charges (net of interest capitalized) | 4,486 | 4,695 | 13,677 | 13,846 | ||||||||||||
Distribution of earnings from unconsolidated affiliates | 5,078 | 3,422 | 5,078 | 3,422 | ||||||||||||
Total Earnings | $ | 89,202 | $ | 73,847 | $ | 125,964 | $ | 107,634 | ||||||||
Fixed Charges and Preference Dividends | ||||||||||||||||
Interest expense | $ | 4,051 | $ | 3,937 | $ | 12,440 | $ | 11,733 | ||||||||
Interest capitalized | — | — | — | — | ||||||||||||
Amortization of premiums, discounts, and debt issuance costs (1) | — | 213 | — | 638 | ||||||||||||
Interest component of rent expense | 435 | 545 | 1,237 | 1,475 | ||||||||||||
Total Fixed Charges | 4,486 | 4,695 | 13,677 | 13,846 | ||||||||||||
Dividends on convertible perpetual preferred stock (pretax) | 5,673 | 5,673 | 17,018 | 17,018 | ||||||||||||
Total Fixed Charges and Preference Dividends | $ | 10,159 | $ | 10,368 | $ | 30,695 | $ | 30,864 | ||||||||
Ratio of Earnings to Fixed Charges | 19.88 | 15.73 | 9.21 | 7.77 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preference Dividends | 8.78 | 7.12 | 4.10 | 3.49 | ||||||||||||
(1) The Company began reporting the amortization of premiums, discounts, and debt issuance costs in interest expense effective April 1, 2016 (the beginning of fiscal year 2017). No reclassification has been made for prior reporting periods since the amounts are not material.