KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES
EXHIBIT 11 – STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Units in millions; Dollars in millions except per unit amounts)
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| Year Ended December 31, |
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| 2008 |
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| 2007 |
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| 2006 |
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Weighted average number of limited partners’ units on which limited |
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partners’ net income per unit is based: |
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Basic |
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| 257.2 |
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| 236.9 |
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| 224.6 |
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Add: Incremental units under common unit option plan and under at |
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contracts to issue units depending on the market price of the units |
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a future date |
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| — |
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| — |
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| 0.3 |
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Assuming dilution |
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| 257.2 |
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| 236.9 |
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| 224.9 |
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Calculation of Limited Partners’ interest in Net Income (Loss): |
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Income from Continuing Operations |
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| $ | 1,303.5 |
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| $ | 416.4 |
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| $ | 989.8 |
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Less: General Partner’s interest in Income from Continuing |
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Operations |
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| (805.8 | ) |
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| (609.9 | ) |
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| (513.2 | ) |
Limited Partners’ interest in Income from Continuing Operations |
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| 497.7 |
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| (193.5 | ) |
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| 476.6 |
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Add: Limited Partners’ interest in Income from Discontinued |
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Operations |
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| 1.3 |
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| 172.2 |
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| 14.2 |
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Limited Partners’ interest in Net Income (Loss) |
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| $ | 499.0 |
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| $ | (21.3 | ) |
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| $ | 490.8 |
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Basic Limited Partners’ Net Income (Loss) per unit: |
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Income (Loss) from Continuing Operations |
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| $ | 1.94 |
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| $ | (0.82 | ) |
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| $ | 2.12 |
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Income from Discontinued Operations |
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| $ | — |
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| $ | 0.73 |
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| $ | 0.07 |
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Net Income (Loss) |
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| $ | 1.94 |
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| (0.09 | ) |
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| 2.19 |
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Diluted Limited Partners’ Net Income (Loss) per unit: |
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Income (Loss) from Continuing Operations |
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| $ | 1.94 |
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| $ | (0.82 | ) |
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| $ | 2.12 |
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Income from Discontinued Operations |
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| $ | — |
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| $ | 0.73 |
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| $ | 0.06 |
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Net Income (Loss) |
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| $ | 1.94 |
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| $ | (0.09 | ) |
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| $ | 2.18 |
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