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 SEPTEMBER 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 187,812,720 174,780,924
Add: Incremental units under common unit option plan 99,665 151,083
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Assuming dilution 187,912,385 174,932,007
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Income Before Cumulative Effect of a Change in Accounting Principle $ 174,176 $ 158,180
Add: Cumulative effect adjustment from change in accounting for asset
retirement obligations - -
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Net Income $ 174,176 $ 158,180
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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 $ 174,176 $ 158,180
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Less: General Partner's interest (82,727) (70,380)
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Limited Partner's interest 91,449 87,800
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Add: Limited Partner's interest in Change in Accounting Principle - -
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Limited Partners' interest in Net Income $ 91,449 $ 87,800
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ .49 $ .50
Diluted $ .49 $ .50
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ - $ -
Diluted $ - $ -
Limited Partners' Net Income per unit:
Basic $ .49 $ .50
Diluted $ .49 $ .50
FOR THE NINE MONTHS ENDED SEPTEMBER 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 184,285,026 169,171,439
Add: Incremental units under common unit option plan 114,788 173,449
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Assuming dilution 184,399,814 169,344,888
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Income Before Cumulative Effect of a Change in Accounting Principle $ 510,146 $ 444,130
Add: Cumulative effect adjustment from change in accounting for asset
retirement obligations 3,465 -
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Net Income $ 513,611 $ 444,130
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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 $ 510,146 $ 444,130
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Less: General Partner's interest (239,682) (197,408)
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Limited Partner's interest 270,464 246,722
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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 $ 273,894 $ 246,722
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ 1.47 $ 1.46
Diluted $ 1.47 $ 1.46
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ .02 $ -
Diluted $ .02 $ -
Limited Partners' Net Income per unit:
Basic $ 1.49 $ 1.46
Diluted $ 1.49 $ 1.46