Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2025

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,
	2025		2024		2025		2024
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.	$	629.1	$	298.5	$	899.6	$	573.7
Less: Premium on repurchase of noncontrolling interests, net of tax (1)		—		—		70.5		—
Net income (loss) attributable to common shareholders		629.1		298.5		829.1		573.7
Less: Participating share-based earnings (2)		4.0		2.3		5.2		4.5
Net income (loss) allocated to common shareholders for basic earnings per share	$	625.1	$	296.2	$	823.9	$	569.2

Weighted average shares outstanding - basic		216.6		221.0		217.2		221.9
Dilutive effect of unvested restricted stock awards		0.7		0.9		0.8		1.0
Weighted average shares outstanding - diluted		217.3		221.9		218.0		222.9

Net income (loss) available per common share - basic	$	2.88	$	1.34	$	3.79	$	2.56
Net income (loss) available per common share - diluted	$	2.87	$	1.33	$	3.78	$	2.55

(1)

Represents premium paid on the Badlands 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,
	2025		2024		2025		2024
Unvested restricted stock awards		1.1		1.2		1.1		1.2