Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income 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

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

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share

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.