Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

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.