Is there a video app which can position subtitles over black bars?

I've been happily using VLC for all video playback but now realised it's missing a feature I think is quite essential – having subtitles placed on the black bar below a movie instead of in the actual picture where it wastes screen real estate and annoys. VLC has a 'Force subtitle position' option which does not do anything useful with negative values. MPlayerX allows adjusting the position relative to the bottom, again, no use for negative values.

Can anyone suggest a player that can do this?