Earnings per Share

3 Months Ended

Mar. 31, 2023

Note 8. 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 March 31,
(in millions, except per share amounts)	2023		2022
Net income	$	142.2	$	159.6
Less: Net income attributable to noncontrolling interest		121.5		142.7
Net income attributable to Hess Midstream LP		20.7		16.9
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.47	$	0.50
Diluted:	$	0.47	$	0.49
Weighted average Class A shares outstanding:
Basic:		44.0		33.7
Diluted:		44.1		33.8

For the three months ended March 31, 2023 and 2022 the weighted average number of Class A shares outstanding included 60,566 and 101,612 dilutive restricted shares, respectively.