KINDER MORGAN ENERGY
PARTNERS, L.P. AND SUBSIDIARIES
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Dollars In Thousands Except Per Unit Amounts)
FOR THE THREE MONTHS ENDED JUNE 30, 2003 2002
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Weighted-average number of limited partners' units
on which limited partners' net income per unit is based:
Basic 183,594,998 166,588,559
Add: Incremental units under common unit option plan 111,317 172,176
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Assuming dilution 183,706,315 166,760,735
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Income Before Cumulative Effect of a Change in Accounting Principle $ 168,957 $ 144,517
Add: Cumulative effect adjustment from change in accounting for asset
retirement obligations - -
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Net Income $ 168,957 $ 144,517
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Calculation of Limited Partners' interest in Net Income:
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Income Before Cumulative Effect of a Change in Accounting Principle $ 168,957 $ 144,517
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Less: General Partner's interest (80,530) (65,234)
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Limited Partner's interest 88,427 79,283
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Add: Limited Partner's interest in Change in Accounting Principle - -
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Limited Partners' interest in Net Income $ 88,427 $ 79,283
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ .48 $ .48
Diluted $ .48 $ .48
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ - $ -
Diluted $ - $ -
Limited Partners' Net Income per unit:
Basic $ .48 $ .48
Diluted $ .48 $ .48
FOR THE SIX MONTHS ENDED JUNE 30, 2003 2002
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Weighted-average number of limited partners' units on
which limited partners' net income per unit is based:
Basic 182,491,944 166,320,208
Add: Incremental units under common unit option plan 122,350 184,632
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Assuming dilution 182,614,294 166,504,840
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Income Before Cumulative Effect of a Change in Accounting Principle $ 335,970 $ 285,950
Add: Cumulative effect adjustment from change in accounting for asset
retirement obligations 3,465 -
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Net Income $ 339,435 $ 285,950
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Calculation of Limited Partners' interest in Net Income:
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Income Before Cumulative Effect of a Change in Accounting Principle $ 335,970 $ 285,950
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Less: General Partner's interest (156,955) (127,028)
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Limited Partner's interest 179,015 158,922
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Add: Limited Partner's interest in Change in Accounting Principle 3,430 -
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Limited Partners' interest in Net Income $ 182,445 $ 158,922
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ .98 $ .96
Diluted $ .98 $ .95
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ .02 $ -
Diluted $ .02 $ -
Limited Partners' Net Income per unit:
Basic $ 1.00 $ .96
Diluted $ 1.00 $ .95