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EARNINGS PER SHARE (EPS)
 12 Months Ended
Jun. 30, 2011
EARNINGS PER SHARE ("EPS")  
EARNINGS PER SHARE ("EPS")

12. EARNINGS PER SHARE ("EPS")

        Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company's unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. The Company's unexercised stock options, unexercised SARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted earnings per common share.

        The following table summarizes the effects of dilutive securities on diluted EPS for the period:

 
   Fiscal Years Ended June 30,  
 
   2011   2010   2009  
 
   (in thousands, except share data)
  

Net income available to Royal Gold common stockholders

   $ 71,395   $ 21,492   $ 38,348  
               

Weighted-average shares for basic EPS

     55,053,204     43,640,414     35,337,133  

Effect of other dilutive securities

     270,206     340,403     451,943  
               

Weighted-average shares for diluted EPS

     55,323,410     43,980,817     35,789,076  
               

Basic earnings per share

   $ 1.29   $ 0.49   $ 1.09  
               

Diluted earnings per share

   $ 1.29   $ 0.49   $ 1.07  
               

        The calculation of weighted average shares includes all of the Company's outstanding stock: common stock and exchangeable shares. Exchangeable shares are the equivalent of common shares in that they have the same dividend rights and share equitably in undistributed earnings and are exchangeable on a one-for-one basis for shares of our common stock.