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Earnings per Common Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Earnings per Common Share | Note 10 — 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, |
|  | 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 | )
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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