Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

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:

		Year Ended December 31,
		2021			2020			2019
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	71.2		$	(1,553.9	)	$	(209.2	)
Less: Dividends on Series A Preferred (1)			87.3			91.7			91.7
Less: Deemed dividends on Series A Preferred (2)			—			39.2			33.1
Net income (loss) attributable to common shareholders for basic earnings per share		$	(16.1	)	$	(1,684.8	)	$	(334.0	)
Weighted average shares outstanding - basic			228.6			232.2			232.5
Dilutive effect of unvested stock awards (3)			—			—			—
Weighted average shares outstanding - diluted			228.6			232.2			232.5
Net income (loss) available per common share - basic		$	(0.07	)	$	(7.26	)	$	(1.44	)
Net income (loss) available per common share - diluted		$	(0.07	)	$	(7.26	)	$	(1.44	)

(1) Includes $1.1 million attributable to the dividends paid upon the partial repurchase of Series A Preferred in December 2020.

(2) Includes $1.6 million attributable to the partial repurchase of Series A Preferred in December 2020. Refer to Note 11 – Preferred Stock.

(3) For all periods presented above, all unvested restricted stock awards and Series A Preferred were antidilutive because a net loss existed for those respective periods.

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,
	2021		2020		2019
Unvested restricted stock awards		3.3		2.3		1.2
Series A Preferred (1)		44.3		46.4		46.5

(1) The Series A Preferred has no mandatory redemption date, but is redeemable at our election for a 10% premium to the liquidation preference on or prior to March 16, 2022 and for a 5% premium to the liquidation preference thereafter. If the Series A Preferred is not redeemed prior to March 16, 2028, the investors have the right to convert the Series A Preferred into TRC common stock.