Note 11 — Earnings 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 |
|
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. |
|
|