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, 2004 2003
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Weighted-average number of limited partners' units on which
limited partners' net income per unit is based:
Basic 195,949,207 183,594,998
Add: Incremental units under common unit option plan 80,851 111,317
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Assuming dilution 196,030,058 183,706,315
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Income Before Cumulative Effect of a Change in Accounting Principle $ 195,218 $ 168,957
Add: Cumulative effect adjustment from change in accounting for asset
retirement obligations - -
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Net Income $ 195,218 $ 168,957
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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 $ 195,218 $ 168,957
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Less: General Partner's interest (95,867) (80,530)
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Limited Partner's interest 99,351 88,427
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Add: Limited Partner's interest in Change in Accounting Principle - -
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Limited Partners' interest in Net Income $ 99,351 $ 88,427
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ .51 $ .48
Diluted $ .51 $ .48
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ - $ -
Diluted $ - $ -
Limited Partners' Net Income per unit:
Basic $ .51 $ .48
Diluted $ .51 $ .48
FOR THE SIX MONTHS ENDED JUNE 30, 2004 2003
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Weighted-average number of limited partners' units on which limited partners'
net income per unit is based:
Basic 194,230,712 182,491,944
Add: Incremental units under common unit option plan 85,126 122,350
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Assuming dilution 194,315,838 182,614,294
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Income Before Cumulative Effect of a Change in Accounting Principle $ 386,972 $ 335,970
Add: Cumulative effect adjustment from change in accounting for asset
retirement obligations - 3,465
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Net Income $ 386,972 $ 339,435
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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 $ 386,972 $ 335,970
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Less: General Partner's interest (187,531) (156,955)
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Limited Partner's interest 199,441 179,015
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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 $ 199,441 $ 182,445
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ 1.03 $ .98
Diluted $ 1.03 $ .98
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ - $ .02
Diluted $ - $ .02
Limited Partners' Net Income per unit:
Basic $ 1.03 $ 1.00
Diluted $ 1.03 $ 1.00