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Earnings per Common Share (Tables) | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income 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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (In millions, except per share amounts) |
Net income (loss) attributable to Targa Resources Corp. |  | $ | 56.2 |  |  | $ | 81.0 |  |  | $ | 202.6 |  |  | $ | (1,656.8 | )
Less: Dividends on Series A Preferred Stock |  |  | 21.8 |  |  |  | 22.9 |  |  |  | 43.7 |  |  |  | 45.8 |
Less: Deemed dividends on Series A Preferred Stock |  |  | — |  |  |  | 9.2 |  |  |  | — |  |  |  | 18.2 |
Net income (loss) attributable to common shareholders for basic earnings per share |  | $ | 34.4 |  |  | $ | 48.9 |  |  | $ | 158.9 |  |  | $ | (1,720.8 | )
Weighted average shares outstanding - basic |  |  | 228.6 |  |  |  | 233.1 |  |  |  | 228.5 |  |  |  | 233.1 |
Dilutive effect of unvested stock awards |  |  | 2.7 |  |  |  | 0.7 |  |  |  | 2.4 |  |  |  | — |
Weighted average shares outstanding - diluted |  |  | 231.3 |  |  |  | 233.8 |  |  |  | 230.9 |  |  |  | 233.1 |
Net income (loss) available per common share - basic |  | $ | 0.15 |  |  | $ | 0.21 |  |  | $ | 0.70 |  |  | $ | (7.38 | )
Net income (loss) available per common share - diluted |  | $ | 0.15 |  |  | $ | 0.21 |  |  | $ | 0.69 |  |  | $ | (7.38 | )
Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share | 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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Unvested restricted stock awards |  |  | 0.3 |  |  |  | 3.2 |  |  |  | 0.3 |  |  |  | 0.8 |
Series A Preferred Stock (1) |  |  | 44.3 |  |  |  | 46.5 |  |  |  | 44.3 |  |  |  | 46.5 |
(1) | The Series A Preferred has no mandatory redemption date, but is redeemable at our election for a 10% premium to the liquidation preference on or prior to March 16, 2022 and for a 5% premium to the liquidation preference thereafter. If the Series A Preferred is not redeemed prior to March 16, 2028, the investors have the right to convert the Series A Preferred into TRC common stock.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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