EARNINGS PER SHARE ("EPS")

12 Months Ended

Jun. 30, 2015

10. 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 SSARs 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,
	2015		2014		2013
	(in thousands, except per share data)
Net income available to Royal Gold common stockholders	$	51,965	$	62,641	$	69,153

Weighted-average shares for basic EPS		65,007,861		64,909,149		63,250,247
Effect of other dilutive securities		117,312		117,107		179,575

Weighted-average shares for diluted EPS		65,125,173		65,026,256		63,429,822


Basic earnings per share	$	0.80	$	0.96	$	1.09


Diluted earnings per share	$	0.80	$	0.96	$	1.09

The calculation of weighted average shares includes all of our outstanding stock: common stock and exchangeable shares. As mentioned in Note 9, the Exchangeable shares were all redeemed for our common stock as of June 30, 2015. The Company intends to settle the principal amount of the 2019 Notes in cash. As a result, there will be no impact to diluted earnings per share unless the share price of the Company's common stock exceeds the conversion price of $105.31.