EXHIBIT 11
BUCKEYE PARTNERS, L.P.
COMPUTATION OF EARNINGS PER UNIT
(In thousands, except for Units and per Unit amounts)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
1997 1996 1997 1996
------ ------ ------ ------
Net Income $ 12,730 $ 12,017 $ 35,637 $ 33,934
Primary earnings per Unit
Net income $ 0.98 $ 0.99 $ 2.86 $ 2.78
Fully-diluted earnings per Unit
Net income $ 0.98 $ 0.99 $ 2.86 $ 2.78
Weighted average number of
Units outstanding:
Units outstanding at Sept. 30 12,894,686 12,177,799 12,426,356 12,170,470
Exercise of Options reduced by
the number of Units purchased
with proceeds (Primary) 40,883 16,726 32,901 18,737
---------- ---------- ---------- ----------
Total Units outstanding -Primary 12,935,569 12,194,525 12,459,257 12,189,207
========== ========== ========== ==========
Units outstanding at Sept. 30 12,894,686 12,177,799 12,426,356 12,170,470
Exercise of Options reduced by
the number of Units purchased
with proceeds (fully-diluted) 40,887 18,808 42,890 21,826
---------- ---------- ---------- ---------
Total Units outstanding-
Fully-diluted 12,935,573 12,196,607 12,469,246 12,192,296
========== ========== ========== ==========
Although not required to be presented in the income statement under
provisions APB Opinion No. 15, this calculation is submitted in accordance
with Regulations S-K item 601(b)(11).