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Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

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:


		Year Ended December 31,
		2023		2022		2021
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	1,345.9	$	1,195.5	$	71.2
Less: Premium on repurchase of noncontrolling interests, net of tax (1)			510.1		53.2		—
Less: Dividends on Series A Preferred Stock (2)			—		30.0		87.3
Less: Deemed dividends on Series A Preferred (3)			—		215.5		—
Net income (loss) attributable to common shareholders			835.8		896.8		(16.1	)
Less: Participating share-based earnings (4)			7.6		—		—
Net income (loss) allocated to common shareholders for basic earnings per share		$	828.2	$	896.8	$	(16.1	)

Weighted average shares outstanding - basic			224.6		227.3		228.6
Dilutive effect of unvested stock awards (5)			1.4		3.8		—
Weighted average shares outstanding - diluted			226.0		231.1		228.6

Net income (loss) available per common share - basic		$	3.69	$	3.95	$	(0.07	)
Net income (loss) available per common share - diluted		$	3.66	$	3.88	$	(0.07	)

(1)

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

(2)

Includes $8.2 million attributable to the dividends paid upon the full redemption of Series A Preferred in 2022.

(3)

Includes $215.5 million attributable to the full redemption of Series A Preferred in 2022. See Note 11 – Preferred Stock for further discussion.

(4)

Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.

(5)

For the year ended December 31, 2021, all unvested restricted stock awards and Series A Preferred were antidilutive because a net loss existed in the period.

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):


	Year Ended December 31,
	2023		2022		2021
Unvested restricted stock awards		1.5		—		3.3
Series A Preferred (1)		—		14.9		44.3