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.
