Universal (UVV) 10-Q 2010 Q3 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 December 31,				Nine Months Ended December 31,
	2009		2008		2009		2008
	(in thousands, except for ratios)
Earnings
Pretax income before equity in pretax earnings (loss) of unconsolidated affiliates	$	63,637	$	66,172	$	195,221	$	159,142
Fixed charges (net of interest capitalized)		6,829		12,715		24,267		33,057
Distribution of earnings from unconsolidated affiliates		147		—		147		—
Total Earnings	$	70,613	$	78,887	$	219,635	$	192,199
Fixed Charges and Preference Dividends
Interest expense	$	5,438	$	11,435	$	20,287	$	29,214
Interest capitalized		—		—		—		—
Amortization of premiums, discounts, and debt issuance costs		535		226		1,513		680
Interest component of rent expense		856		1,054		2,467		3,163
Total Fixed Charges		6,829		12,715		24,267		33,057
Dividends on convertible perpetual preferred stock (pretax)		5,711		5,711		17,134		17,134
Total Fixed Charges and Preference Dividends	$	12,540	$	18,426	$	41,401	$	50,191
Ratio of Earnings to Fixed Charges		10.34		6.20		9.05		5.81
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		5.63		4.28		5.31		3.83