Earnings per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per Common Share

Note 9 — 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 March 31,
	2023		2022
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.	$	497.0	$	88.0
Less: Premium on repurchase of noncontrolling interests, net of tax (1)		490.7		53.1
Less: Dividends on Series A Preferred Stock (2)		—		21.8
Net income (loss) attributable to common shareholders for basic earnings per share	$	6.3	$	13.1
Weighted average shares outstanding - basic		226.4		228.5
Dilutive effect of unvested stock awards		2.9		3.9
Weighted average shares outstanding - diluted		229.3		232.4
Net income (loss) available per common share - basic	$	0.03	$	0.06
Net income (loss) available per common share - diluted	$	0.03	$	0.06

(1)Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures.

(2)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.

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 March 31,
	2023		2022
Unvested restricted stock awards		0.1		0.1
Series A Preferred (1)		—		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.