EXHIBIT 12.
Universal Corporation and Subsidiaries
RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended March 31, 1997 and 1996
1997 1996
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Pretax income from continuing operations $133,342 $98,393
Pretax income of unconsolidated affiliates 6,386 3,875
Fixed Charges 50,154 52,454
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Earnings $189,449 $154,722
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Interest $49,498 $51,786
Interest of unconsolidated affiliates 400 493
Debt discount amortization 256 175
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Fixed Charges $50,154 $52,454
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Ratio of Earnings to Fixed Charges 3.8 2.9
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