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Earnings per Common Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share

Note 11 — Earnings per Common Share

 

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In millions, except per share amounts)

 

Net income (loss) attributable to Targa Resources Corp.

 

$

193.1

 

 

$

182.2

 

 

$

877.5

 

 

$

384.8

 

Less: Premium on repurchase of noncontrolling interests, net of tax

 

 

—

 

 

 

—

 

 

 

53.1

 

 

 

—

 

Less: Dividends on Series A Preferred (1)

 

 

—

 

 

 

21.8

 

 

 

30.0

 

 

 

65.5

 

Less: Deemed dividends on Series A Preferred (1)

 

 

—

 

 

 

—

 

 

 

215.5

 

 

 

—

 

Net income (loss) attributable to common shareholders for basic earnings per share

 

$

193.1

 

 

$

160.4

 

 

$

578.9

 

 

$

319.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

226.6

 

 

 

228.8

 

 

 

227.6

 

 

 

228.6

 

Dilutive effect of unvested stock awards

 

 

3.7

 

 

 

3.3

 

 

 

3.9

 

 

 

3.0

 

Dilutive effect of Series A Preferred (1)

 

 

—

 

 

 

44.3

 

 

 

—

 

 

 

—

 

Weighted average shares outstanding - diluted

 

 

230.3

 

 

 

276.4

 

 

 

231.5

 

 

 

231.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available per common share - basic

 

$

0.85

 

 

$

0.70

 

 

$

2.54

 

 

$

1.40

 

Net income (loss) available per common share - diluted

 

$

0.84

 

 

$

0.66

 

 

$

2.50

 

 

$

1.38

 

 

 

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Unvested restricted stock awards

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

Series A Preferred (1)

 

 

—

 

 

 

—

 

 

 

19.9

 

 

 

44.3

 

 

(1)
The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5% premium to the liquidation preference subsequent to March 16, 2022. In May 2022, we redeemed all of our issued and outstanding Series A Preferred at a redemption price of $1,050.00 per share, plus $8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022. See Note 9 – Preferred Stock for further discussion.