7. EARNINGS PER SHARE (“EPS”)

Basic earnings (loss) 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 (loss) 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 (loss) per common share.

The following tables summarize the effects of dilutive securities on diluted EPS for the period:


	Three Months Ended				Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
	2019		2018		2019		2018
		(in thousands, except per share data)				(in thousands, except per share data)
Net income (loss) available to Royal Gold common stockholders	$	28,772	$	(153,650)	$	67,368	$	(139,786)
Weighted-average shares for basic EPS		65,398,369		65,307,324		65,389,499		65,283,019
Effect of other dilutive securities		116,865		—		105,403		—
Weighted-average shares for diluted EPS		65,515,234		65,307,324		65,494,902		65,283,019
Basic earnings (loss) per share	$	0.44	$	(2.35)	$	1.03	$	(2.14)
Diluted earnings (loss) per share	$	0.44	$	(2.35)	$	1.03	$	(2.14)

The calculation of weighted average shares includes all of our outstanding common stock. The Company intends to settle the principal amount of the 2019 Notes in cash from amounts available under our revolving credit facility, and we intend to settle any excess conversion value in shares in the Company, plus cash in lieu of fractional shares. 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 $102.16.