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Earnings per Common Share (Tables) | 6 Months Ended
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Jun. 30, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In millions, except per share amounts) |
Net income (loss) attributable to Targa Resources Corp. |  | $ | 298.5 |  |  | $ | 329.3 |  |  | $ | 573.7 |  |  | $ | 826.3 |
Less: Premium on repurchase of noncontrolling interests, net of tax (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 490.7 |
Net income (loss) attributable to common shareholders |  |  | 298.5 |  |  |  | 329.3 |  |  |  | 573.7 |  |  |  | 335.6 |
Less: Participating share-based earnings (2) |  |  | 2.3 |  |  |  | 3.6 |  |  |  | 4.5 |  |  |  | 2.8 |
Net income (loss) allocated to common shareholders for basic earnings per share |  | $ | 296.2 |  |  | $ | 325.7 |  |  | $ | 569.2 |  |  | $ | 332.8 |
Weighted average shares outstanding - basic |  |  | 221.0 |  |  |  | 225.6 |  |  |  | 221.9 |  |  |  | 226.0 |
Dilutive effect of unvested stock awards |  |  | 0.9 |  |  |  | 1.2 |  |  |  | 1.0 |  |  |  | 1.3 |
Weighted average shares outstanding - diluted |  |  | 221.9 |  |  |  | 226.8 |  |  |  | 222.9 |  |  |  | 227.3 |
Net income (loss) available per common share - basic |  | $ | 1.34 |  |  | $ | 1.44 |  |  | $ | 2.56 |  |  | $ | 1.47 |
Net income (loss) available per common share - diluted |  | $ | 1.33 |  |  | $ | 1.44 |  |  | $ | 2.55 |  |  | $ | 1.46 |
(1) Represents premium paid on the Grand Prix Transaction. See Note 4 – Joint Ventures and Acquisitions. (2) Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Unvested restricted stock awards |  |  | 1.2 |  |  |  | 1.8 |  |  |  | 1.2 |  |  |  | 1.7 |

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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 -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + 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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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