ROYAL GOLD INC — Director's Dealing 2012

Sep 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2012-09-14

Reporting Person: JENSEN TONY A (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-09-14	Common Stock	M	12000	$30.96	Acquired	195138	Direct
2012-09-14	Common Stock	D	3930	$94.55	Disposed	191208	Direct
2012-09-14	Common Stock	M	13410	$53	Acquired	204618	Direct
2012-09-14	Common Stock	D	7517	$94.55	Disposed	197101	Direct
2012-09-14	Common Stock	M	9333	$49.66	Acquired	206434	Direct
2012-09-14	Common Stock	D	4902	$94.55	Disposed	201532	Direct
2012-09-14	Common Stock	M	6711	$68.18	Acquired	208243	Direct
2012-09-14	Common Stock	D	4840	$94.55	Disposed	203403	Direct
2012-09-14	Common Stock	M	11640	$29.75	Acquired	215043	Direct
2012-09-14	Common Stock	M	1000	$30.96	Acquired	216043	Direct
2012-09-14	Common Stock	M	630	$53	Acquired	216673	Direct
2012-09-14	Common Stock	M	667	$49.66	Acquired	217340	Direct
2012-09-14	Common Stock	M	489	$68.18	Acquired	217829	Direct
2012-09-14	Common Stock	F	11553	$94.33	Disposed	206276	Direct
2012-09-14	Common Stock	S	5902	$94.33	Disposed	200374	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-09-14	Stock Appreciation Right	$30.96	M	12000	Disposed	2018-11-05	Common Stock (12000)	Direct
2012-09-14	Stock Appreciation Right	$53	M	13410	Disposed	2019-11-18	Common Stock (13410)	Direct
2012-09-14	Stock Appreciation Right	$49.66	M	9333	Disposed	2020-11-17	Common Stock (9333)	Direct
2012-09-14	Stock Appreciation Right	$68.18	M	6711	Disposed	2021-08-18	Common Stock (6711)	Direct
2012-09-14	Stock Option (Right to buy NSO)	$29.75	M	11640	Disposed	2017-11-07	Common Stock (11640)	Direct
2012-09-14	Stock Option (Right to buy ISO)	$30.96	M	1000	Disposed	2018-11-05	Common Stock (1000)	Direct
2012-09-14	Stock Option (Right to buy ISO)	$53	M	630	Disposed	2019-11-18	Common Stock (630)	Direct
2012-09-14	Stock Option (Right to buy ISO)	$49.66	M	667	Disposed	2020-11-17	Common Stock (667)	Direct
2012-09-14	Stock Option (Right to buy ISO)	$68.18	M	489	Disposed	2021-08-18	Common Stock (489)	Direct

Footnotes

F1: Includes 42,999 shares of restricted stock that have not yet vested.

F2: This represents the difference between the number of SARs exercised (12,000) and the number of shares issued as a result of the exercise (8,070). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($94.55) and the exercise price ($30.96).

F3: This represents the difference between the number of SARs exercised (13,410) and the number of shares issued as a result of the exercise (5,893). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($94.55) and the exercise price ($53.00).

F4: This represents the difference between the number of SARs exercised (9,333) and the number of shares issued as a result of the exercise (4,431). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($94.55) and the exercise price ($49.66).

F5: This represents the difference between the number of SARs exercised (6,711) and the number of shares issued as a result of the exercise (1,871). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($94.55) and the exercise price ($68.18).

F6: The range of the weighted average sale price is as follows: 600 shares sold between $92.81 and $93.81, 16,755 shares sold between $93.83 and $94.81, and 100 shares sold for $95.15.

F7: One third vests annually on November 18, 2010, November 18, 2011, and November 18, 2012.

F8: One third vests annually on November 17, 2011, November 17, 2012, and November 17, 2013.

F9: One third vests annually on August 18, 2012, August 18, 2013, and August 18, 2014.