Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Royal Gold, Inc. |
Entity Central Index Key | 0000085535 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | ||||
Pay vs Performance [Table Text Block] | 2022 Pay Versus Performance The following table and supporting narrative contain information regarding compensation paid to our NEOs and the relationship to company performance. Pay Versus Performance Table Year Summary Compensation Summary Compensation Value of Initial Net Adjusted Average Average TSR Peer 2022 $ 0 $ 0 $ 3,060,540 $ 3,540,577 $ 1,340,295 $ 1,519,307 114.3 151.2 $ 238,981,683 $ 25,636,590 2021 Stub $ 0 $ 0 $ 3,148,212 $ 2,698,385 $ 1,253,741 $ 1,098,874 105.4 162.4 $ 138,338,721 $ 11,944,744 2021 $ 0 $ 0 $ 3,042,284 $ 2,498,478 $ 1,403,420 $ 1,160,025 113.6 171.4 $ 302,532,476 $ 22,657,145 2020 $ 4,141,033 $ 5,618,723 $ 2,403,556 $ 3,001,054 $ 1,223,674 $ 1,123,128 122.5 154.8 $ 199,343,108 $ 21,078,698 1. For each of calendar year 2022, the six-month transition period ended December 31, 2021, and the fiscal year ended June 30, 2021, our principal executive officer (“PEO”) was Mr. Heissenbuttel and our non-PEO NEOs were Messrs. Isto, Breeze, Libner and Shefman. For the fiscal year ended June 30, 2020, our PEO included Mr. Jensen (our former President and CEO) from July 1, 2019, until his retirement on January 2, 2020, and Mr. Heissenbuttel from January 2, 2020, until June 30, 2020. Also, for the fiscal year ended June 30, 2020, our non-PEO NEOs included Mr. Kirchhoff (our former General Counsel and Corporate Secretary) from July 1, 2019, until his retirement on January 2, 2020, and each of Messrs. Isto, Breeze, Libner and Shefman. 2. The valuation of stock options uses the Black-Scholes-Merton methodology, and the valuation of performance shares uses a Monte Carlo valuation model. See Note 9 — Stock-Based Compensation in Item 8 — Financial Statements and Supplementary Data in the 2022 Form 10-K. 3. Adjustments to Total Compensation from the Summary Compensation Table to arrive at compensation actually paid pursuant to SEC rules (“SEC CAP”) to Mr. Jensen as PEO, Mr. Heissenbuttel as PEO and to our non-PEO NEOs are as detailed in Annex A to this report. 4. TSR comparison for all periods is to the PHLX Gold and Silver Index. 5. Adjusted Cash G&A Expense, which is a non-GAAP financial measure, is calculated as our G&A Expense less (a) non-cash employee stock compensation expense and (b) litigation expense. Calculation of SEC CAP PEO — JENSEN PEO — HEISSENBUTTEL Non-PEO NEO Average Adjustments 2020 2022 2021 STUB 2021 2020 2022 2021 STUB 2021 2020 Summary Compensation Table Total $ 4,141,033 $ 3,060,540 $ 3,148,212 $ 3,042,284 $ 2,403,556 $ 1,340,295 $ 1,253,741 $ 1,403,420 $ 1,223,674 Deduction for amount reported in “Stock $ — $ (1,298,851 ) $ (2,303,817 ) $ (1,133,532 ) $ (842,551 ) $ (461,867 ) $ (805,984 ) $ (445,980 ) $ (385,533 ) Deduction for amounts reported in $ — $ — $ — $ (635,796 ) $ (413,142 ) $ — $ — $ (250,379 ) $ (185,426 ) Addition of fair value at fiscal year (FY) $ — $ 1,211,452 $ 2,002,130 $ 1,269,313 $ 1,198,724 $ 430,770 $ 700,439 $ 499,547 $ 424,309 Addition of fair value at vesting date, of $ — $ — $ — $ 72,685 $ — $ — $ — $ 28,658 $ — Addition of change in fair value at FY end $ (117,491 ) $ 450,092 $ (309,326 ) $ (441,433 ) $ 324,055 $ 155,472 $ (136,617 ) $ (201,079 ) $ 108,236 Addition of change in fair value at vesting $ 1,578,106 $ 88,499 $ 153,336 $ 308,068 $ 315,216 $ 42,553 $ 83,256 $ 118,294 $ 158,272 Deduction of the fair value at the prior FY $ — $ — $ — $ — $ — $ — $ — $ — $ (227,170 ) Addition in respect of any dividends or $ 17,076 $ 28,845 $ 7,850 $ 16,889 $ 15,195 $ 12,084 $ 4,039 $ 7,545 $ 6,765 SEC CAP $ 5,618,723 $ 3,540,577 $ 2,698,385 $ 2,498,478 $ 3,001,054 $ 1,519,307 $ 1,098,874 $ 1,160,025 $ 1,123,128 | |||
Company Selected Measure Name | Adjusted Cash G&A Expense | |||
Named Executive Officers, Footnote [Text Block] | 1. For each of calendar year 2022, the six-month transition period ended December 31, 2021, and the fiscal year ended June 30, 2021, our principal executive officer (“PEO”) was Mr. Heissenbuttel and our non-PEO NEOs were Messrs. Isto, Breeze, Libner and Shefman. For the fiscal year ended June 30, 2020, our PEO included Mr. Jensen (our former President and CEO) from July 1, 2019, until his retirement on January 2, 2020, and Mr. Heissenbuttel from January 2, 2020, until June 30, 2020. Also, for the fiscal year ended June 30, 2020, our non-PEO NEOs included Mr. Kirchhoff (our former General Counsel and Corporate Secretary) from July 1, 2019, until his retirement on January 2, 2020, and each of Messrs. Isto, Breeze, Libner and Shefman. | |||
Peer Group Issuers, Footnote [Text Block] | 4. TSR comparison for all periods is to the PHLX Gold and Silver Index. | |||
Adjustment To PEO Compensation, Footnote [Text Block] | 3. Adjustments to Total Compensation from the Summary Compensation Table to arrive at compensation actually paid pursuant to SEC rules (“SEC CAP”) to Mr. Jensen as PEO, Mr. Heissenbuttel as PEO and to our non-PEO NEOs are as detailed in Annex A to this report. Calculation of SEC CAP PEO — JENSEN PEO — HEISSENBUTTEL Non-PEO NEO Average Adjustments 2020 2022 2021 STUB 2021 2020 2022 2021 STUB 2021 2020 Summary Compensation Table Total $ 4,141,033 $ 3,060,540 $ 3,148,212 $ 3,042,284 $ 2,403,556 $ 1,340,295 $ 1,253,741 $ 1,403,420 $ 1,223,674 Deduction for amount reported in “Stock $ — $ (1,298,851 ) $ (2,303,817 ) $ (1,133,532 ) $ (842,551 ) $ (461,867 ) $ (805,984 ) $ (445,980 ) $ (385,533 ) Deduction for amounts reported in $ — $ — $ — $ (635,796 ) $ (413,142 ) $ — $ — $ (250,379 ) $ (185,426 ) Addition of fair value at fiscal year (FY) $ — $ 1,211,452 $ 2,002,130 $ 1,269,313 $ 1,198,724 $ 430,770 $ 700,439 $ 499,547 $ 424,309 Addition of fair value at vesting date, of $ — $ — $ — $ 72,685 $ — $ — $ — $ 28,658 $ — Addition of change in fair value at FY end $ (117,491 ) $ 450,092 $ (309,326 ) $ (441,433 ) $ 324,055 $ 155,472 $ (136,617 ) $ (201,079 ) $ 108,236 Addition of change in fair value at vesting $ 1,578,106 $ 88,499 $ 153,336 $ 308,068 $ 315,216 $ 42,553 $ 83,256 $ 118,294 $ 158,272 Deduction of the fair value at the prior FY $ — $ — $ — $ — $ — $ — $ — $ — $ (227,170 ) Addition in respect of any dividends or $ 17,076 $ 28,845 $ 7,850 $ 16,889 $ 15,195 $ 12,084 $ 4,039 $ 7,545 $ 6,765 SEC CAP $ 5,618,723 $ 3,540,577 $ 2,698,385 $ 2,498,478 $ 3,001,054 $ 1,519,307 $ 1,098,874 $ 1,160,025 $ 1,123,128 | |||
Non-PEO NEO Average Total Compensation Amount | $ 1,253,741 | $ 1,340,295 | $ 1,403,420 | $ 1,223,674 |
Non-PEO NEO Average Compensation Actually Paid Amount | 1,098,874 | $ 1,519,307 | 1,160,025 | 1,123,128 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | 3. Adjustments to Total Compensation from the Summary Compensation Table to arrive at compensation actually paid pursuant to SEC rules (“SEC CAP”) to Mr. Jensen as PEO, Mr. Heissenbuttel as PEO and to our non-PEO NEOs are as detailed in Annex A to this report. Calculation of SEC CAP PEO — JENSEN PEO — HEISSENBUTTEL Non-PEO NEO Average Adjustments 2020 2022 2021 STUB 2021 2020 2022 2021 STUB 2021 2020 Summary Compensation Table Total $ 4,141,033 $ 3,060,540 $ 3,148,212 $ 3,042,284 $ 2,403,556 $ 1,340,295 $ 1,253,741 $ 1,403,420 $ 1,223,674 Deduction for amount reported in “Stock $ — $ (1,298,851 ) $ (2,303,817 ) $ (1,133,532 ) $ (842,551 ) $ (461,867 ) $ (805,984 ) $ (445,980 ) $ (385,533 ) Deduction for amounts reported in $ — $ — $ — $ (635,796 ) $ (413,142 ) $ — $ — $ (250,379 ) $ (185,426 ) Addition of fair value at fiscal year (FY) $ — $ 1,211,452 $ 2,002,130 $ 1,269,313 $ 1,198,724 $ 430,770 $ 700,439 $ 499,547 $ 424,309 Addition of fair value at vesting date, of $ — $ — $ — $ 72,685 $ — $ — $ — $ 28,658 $ — Addition of change in fair value at FY end $ (117,491 ) $ 450,092 $ (309,326 ) $ (441,433 ) $ 324,055 $ 155,472 $ (136,617 ) $ (201,079 ) $ 108,236 Addition of change in fair value at vesting $ 1,578,106 $ 88,499 $ 153,336 $ 308,068 $ 315,216 $ 42,553 $ 83,256 $ 118,294 $ 158,272 Deduction of the fair value at the prior FY $ — $ — $ — $ — $ — $ — $ — $ — $ (227,170 ) Addition in respect of any dividends or $ 17,076 $ 28,845 $ 7,850 $ 16,889 $ 15,195 $ 12,084 $ 4,039 $ 7,545 $ 6,765 SEC CAP $ 5,618,723 $ 3,540,577 $ 2,698,385 $ 2,498,478 $ 3,001,054 $ 1,519,307 $ 1,098,874 $ 1,160,025 $ 1,123,128 | |||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | ||||
Compensation Actually Paid vs. Net Income [Text Block] | ||||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | ||||
Tabular List [Table Text Block] | Tabular List of Company Performance Measures The following table alphabetically lists the financial performance measures we believe were most important in linking compensation actually paid to NEOs to company performance during 2022. Most Important Financial Performance Measures for 2022 Adjusted Cash G&A Expense Net GEO Production TSR | |||
Total Shareholder Return Amount | 105.4 | $ 114.3 | 113.6 | 122.5 |
Peer Group Total Shareholder Return Amount | 162.4 | 151.2 | 171.4 | 154.8 |
Net Income (Loss) | $ 138,338,721 | $ 238,981,683 | $ 302,532,476 | $ 199,343,108 |
Company Selected Measure Amount | 11,944,744 | 25,636,590 | 22,657,145 | 21,078,698 |
PEO Name | Mr. Heissenbuttel | |||
Measure [Axis]: 1 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Adjusted Cash G&A Expense | |||
Non-GAAP Measure Description [Text Block] | 5. Adjusted Cash G&A Expense, which is a non-GAAP financial measure, is calculated as our G&A Expense less (a) non-cash employee stock compensation expense and (b) litigation expense. | |||
Measure [Axis]: 2 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Net GEO Production | |||
Measure [Axis]: 3 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | TSR | |||
Jensen [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
PEO Total Compensation Amount | $ 0 | $ 0 | $ 0 | $ 4,141,033 |
PEO Actually Paid Compensation Amount | 0 | 0 | 0 | 5,618,723 |
Jensen [Member] | Change In Fair Value As Of FY Versus Prior FY Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (117,491) | |||
Jensen [Member] | Change In Fair Value As Of Vesting Date Versus Prior Year Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 1,578,106 | |||
Jensen [Member] | Dividends Or Other Earnings Paid On Equity Awards During FY Prior To Vesting Date [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 17,076 | |||
Heissenbuttel [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
PEO Total Compensation Amount | 3,148,212 | 3,060,540 | 3,042,284 | 2,403,556 |
PEO Actually Paid Compensation Amount | 2,698,385 | 3,540,577 | 2,498,478 | 3,001,054 |
Heissenbuttel [Member] | Stock Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (2,303,817) | (1,298,851) | (1,133,532) | (842,551) |
Heissenbuttel [Member] | Option Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (635,796) | (413,142) | ||
Heissenbuttel [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 2,002,130 | 1,211,452 | 1,269,313 | 1,198,724 |
Heissenbuttel [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 72,685 | |||
Heissenbuttel [Member] | Change In Fair Value As Of FY Versus Prior FY Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (309,326) | 450,092 | (441,433) | 324,055 |
Heissenbuttel [Member] | Change In Fair Value As Of Vesting Date Versus Prior Year Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 153,336 | 88,499 | 308,068 | 315,216 |
Heissenbuttel [Member] | Dividends Or Other Earnings Paid On Equity Awards During FY Prior To Vesting Date [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 7,850 | 28,845 | 16,889 | 15,195 |
Non-PEO NEO [Member] | Stock Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (805,984) | (461,867) | (445,980) | (385,533) |
Non-PEO NEO [Member] | Option Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (250,379) | (185,426) | ||
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 700,439 | 430,770 | 499,547 | 424,309 |
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 28,658 | |||
Non-PEO NEO [Member] | Change In Fair Value As Of FY Versus Prior FY Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (136,617) | 155,472 | (201,079) | 108,236 |
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Versus Prior Year Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 83,256 | 42,553 | 118,294 | 158,272 |
Non-PEO NEO [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (227,170) | |||
Non-PEO NEO [Member] | Dividends Or Other Earnings Paid On Equity Awards During FY Prior To Vesting Date [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ 4,039 | $ 12,084 | $ 7,545 | $ 6,765 |