Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.	$	596.4	$	56.2	$	684.4	$	202.6
Less: Premium on repurchase of noncontrolling interests, net of tax		—		—		53.1		—
Less: Dividends on Series A Preferred (1)		8.2		21.8		30.0		43.7
Less: Deemed dividends on Series A Preferred (1)		215.5		—		215.5		—
Net income (loss) attributable to common shareholders for basic earnings per share	$	372.7	$	34.4	$	385.8	$	158.9

Weighted average shares outstanding - basic		227.8		228.6		228.1		228.5
Dilutive effect of unvested stock awards		3.9		2.7		3.9		2.4
Weighted average shares outstanding - diluted		231.7		231.3		232.0		230.9

Net income (loss) available per common share - basic	$	1.64	$	0.15	$	1.69	$	0.70
Net income (loss) available per common share - diluted	$	1.61	$	0.15	$	1.66	$	0.69

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unvested restricted stock awards		0.2		0.3		0.2		0.3
Series A Preferred (1)		16.1		44.3		30.1		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 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.