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 MARCH 31, 2004 2003
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Weighted-average number of limited partners' units on
which limited partners' net income per unit is based:
Basic 192,512,217 181,376,635
Add: Incremental units under common unit option plan 89,401 133,591
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Assuming dilution 192,601,618 181,510,226
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Income Before Cumulative Effect of a Change in Accounting
Principle $ 191,754 $ 167,013
Add: Cumulative effect adjustment from change in accounting
for asset retirement obligations - 3,465
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Net Income $ 191,754 $ 170,478
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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 $ 191,754 $ 167,013
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Less: General Partner's interest (91,664) (76,425)
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Limited Partner's interest 100,090 90,588
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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 $ 100,090 $ 94,018
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative
Effect of a Change in Accounting Principle per unit:
Basic $ .52 $ .50
Diluted $ .52 $ .50
Limited Partners' Cumulative Effect of a
Change in Accounting Principle per unit:
Basic $ - $ .02
Diluted $ - $ .02
Limited Partners' Net Income per unit:
Basic $ .52 $ .52
Diluted $ .52 $ .52