Universal (UVV) 10-Q 2011 Q1 Quarterly report

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  June 30,
	2010		2009
	(in thousands, except for ratios)
Earnings
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates	$	36,423	$	62,182
Fixed charges (net of interest capitalized)		6,267		9,448
Distribution of earnings from unconsolidated affiliates		—		—
Total Earnings	$	42,690	$	71,630
Fixed Charges and Preference Dividends
Interest expense	$	5,126	$	8,155
Interest capitalized		—		—
Amortization of premiums, discounts, and debt issuance costs		325		489
Interest component of rent expense		816		804
Total Fixed Charges		6,267		9,448
Dividends on convertible perpetual preferred stock (pretax)		5,711		5,711
Total Fixed Charges and Preference Dividends	$	11,978	$	15,159
Ratio of Earnings to Fixed Charges		6.81		7.58
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		3.56		4.73