STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

We recognized stock-based compensation expense as follows (amounts in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Restricted stock	$	1,884	$	1,924	$	3,896	$	3,895
Performance stock	830		1,424		2,015		2,441
Total stock-based compensation expense	$	2,714	$	3,348	$	5,911	$	6,336

Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.

We granted the following stock-based compensation awards:


	Three Months Ended		Six Months Ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
	(Number of shares)		(Number of shares)
Performance stock (at maximum 200% attainment)	—	—	72,120	93,840
Restricted Stock	—	—	50,264	65,850
Total equity awards granted	—	—	122,384	159,690

As of June 30, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:


	Unrecognized compensation expense		Weighted- average vesting period (years)
Restricted stock	$	9,667	2.1
Performance stock	8,571		2.1

ROYAL GOLD INC 10-Q