Earnings per Share

3 Months Ended

Mar. 31, 2021

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 March 31,
(in millions, except per share amounts)	2021		2020
Net income	$	159.6	$	129.0
Less: Net income attributable to noncontrolling interest		151.0		122.5
Net income attributable to Hess Midstream LP		8.6		6.5
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.45	$	0.37
Diluted:	$	0.43	$	0.35
Weighted average Class A shares outstanding:
Basic:		19.3		18.0
Diluted:		19.4		18.0

For the three months ended March 31, 2021 and 2020 the weighted average number of Class A shares outstanding included 122,222 and 52,442 dilutive restricted shares, respectively.