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Earnings per Share/Limited Partner Unit (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings per Share Limited Partner Unit

Subsequent to the Restructuring, we calculate earnings per Class A Share and we do not have any other participating securities. Approximately 100% of income tax expense is attributed to earnings of Class A Shares. 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 September 30,

 

 

Nine Months Ended September 30,

 

(in millions, except per share amounts)

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

$

115.8

 

 

$

87.4

 

 

$

352.6

 

 

$

242.6

 

Less: Net income attributable to net parent investment

 

-

 

 

 

(13.0

)

 

 

-

 

 

 

(44.0

)

Less: Net income attributable to noncontrolling interest

 

110.2

 

 

81.3

 

 

 

335.2

 

 

232.6

 

Net income attributable to Hess Midstream LP

 

5.6

 

 

 

19.1

 

 

 

17.4

 

 

 

54.0

 

Less: General partner's interest in net income

   prior to the Restructuring

 

-

 

 

 

1.3

 

 

 

-

 

 

 

3.1

 

Limited partners' interest in net income

$

5.6

 

 

$

17.8

 

 

$

17.4

 

 

$

50.9

 

Common unitholders' interest in net income attributable

   to Hess Midstream LP

 

 

 

 

$

8.9

 

 

 

 

 

 

$

25.5

 

Subordinated unitholders' interest in net income

   attributable to Hess Midstream LP

 

 

 

 

$

8.9

 

 

 

 

 

 

$

25.4

 

Net income attributable to Hess Midstream LP

   per Class A share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

$

0.31

 

 

 

 

 

 

$

0.97

 

 

 

 

 

Diluted:

$

0.31

 

 

 

 

 

 

$

0.95

 

 

 

 

 

Net income attributable to Hess Midstream LP

   per limited partner unit (basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

$

0.33

 

 

 

 

 

 

$

0.93

 

Subordinated

 

 

 

 

$

0.33

 

 

 

 

 

 

$

0.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A shares outstanding

   subsequent to the Restructuring:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

18.0

 

 

 

 

 

 

 

18.0

 

 

 

 

 

Diluted:

 

18.1

 

 

 

 

 

 

 

18.1

 

 

 

 

 

Weighted average limited partner units outstanding

   prior to the Restructuring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

27.3

 

 

 

 

 

 

 

27.3

 

Subordinated

 

 

 

 

 

27.3

 

 

 

 

 

 

 

27.3

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

27.5

 

 

 

 

 

 

 

27.5

 

Subordinated

 

 

 

 

 

27.3

 

 

 

 

 

 

 

27.3