Earnings per Share

6 Months Ended

Jun. 30, 2022

Note 10. Earnings per Share

We calculate earnings per Class A Share as we do not have any other participating securities. Substantially all of income tax expense is attributed to earnings of Class A Shares reflective of our organizational structure. Class B Units of the Partnership together with the equal number of Class B Shares of the Company are convertible to Class A Shares of the Company on a one-for-one basis. In addition, our restricted equity-based awards may have a dilutive effect on our earnings per share. Diluted earnings per Class A Share are calculated using the “treasury stock method” or “if-converted method,” whichever is more dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income	$	151.8	$	162.0	$	311.4	$	321.6
Less: Net income attributable to noncontrolling interest		129.8		151.0		272.5		302.0
Net income attributable to Hess Midstream LP		22.0		11.0		38.9		19.6
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.51	$	0.44	$	1.01	$	0.89
Diluted:	$	0.50	$	0.44	$	0.99	$	0.87
Weighted average Class A shares outstanding:
Basic:		43.7		25.0		38.7		22.2
Diluted:		43.7		25.1		38.8		22.3

For the three and six months ended June 30, 2022 the weighted average number of Class A shares outstanding included 50,874 and 76,243 dilutive restricted shares, respectively, compared with 77,748 and 99,985 dilutive restricted shares for the three and six months ended June 30, 2021, respectively.