EARNINGS PER SHARE (“EPS”)

Basic earnings per common share is 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. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock options, unexercised SSARs and unvested TSRs 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 (amounts in thousands, except share data):


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net income attributable to Royal Gold common stockholders	$	466,281	$	332,023	$	239,440
Weighted-average shares for basic EPS	69,424,381		65,662,185		65,613,002
Effect of other dilutive securities	136,530		114,649		126,108
Weighted-average shares for diluted EPS	69,560,911		65,776,834		65,739,110
Basic EPS	$	6.70	$	5.04	$	3.64
Diluted EPS	$	6.69	$	5.04	$	3.63

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

ROYAL GOLD INC Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures