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Earnings per Common Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings per Common Share

Note 14 — 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 (in millions, except per share amounts):

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Net income (loss) attributable to Targa Resources Corp.

 

$

(1,553.9

)

 

$

(209.2

)

 

$

1.6

 

Less: Dividends on Series A Preferred Stock (1)

 

 

91.7

 

 

 

91.7

 

 

 

91.7

 

Less: Deemed dividends on Series A Preferred Stock (2)

 

 

39.2

 

 

 

33.1

 

 

 

29.2

 

Net income (loss) attributable to common shareholders for basic earnings per share

 

$

(1,684.8

)

 

$

(334.0

)

 

$

(119.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

232.2

 

 

 

232.5

 

 

 

224.2

 

Dilutive effect of unvested stock awards (3)

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average shares outstanding - diluted

 

 

232.2

 

 

 

232.5

 

 

 

224.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available per common share - basic and diluted

 

$

(7.26

)

 

$

(1.44

)

 

$

(0.53

)

 

(1)

Includes $1.1 million attributable to the dividends paid upon the partial repurchase of Series A Preferred Stock in December 2020.

 

(2)

Includes $1.6 million attributable to the partial repurchase of Series A Preferred Stock in December 2020. Refer to Note 11 – Preferred Stock.

 

(3)

For all periods presented above, all unvested restricted stock awards, unvested performance stock units, and Series A Preferred Stock were antidilutive because a net loss existed for those respective periods.