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, 2004 2003
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Weighted-average number of limited partners' units on
which limited partners' net income per unit is based:
Basic 196,854,142 187,812,720
Add: Incremental units under common unit option plan 82,644 99,665
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Assuming dilution 196,936,786 187,912,385
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Income Before Cumulative Effect of a Change in Accounting $ 217,342 $ 174,176
Principle
Add: Cumulative effect adjustment from change in accounting
for asset retirement obligations - -
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Net Income $ 217,342 $ 174,176
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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 $ 217,342 $ 174,176
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Less: General Partner's interest (100,320) (82,727)
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Limited Partner's interest 117,022 91,449
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Add: Limited Partner's interest in Change in Accounting
Principle - -
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Limited Partners' interest in Net Income $ 117,022 $ 91,449
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative
Effect of a Change in Accounting Principle per unit:
Basic $ .59 $ .49
Diluted $ .59 $ .49
Limited Partners' Cumulative Effect of a
Change in Accounting Principle per unit:
Basic $ - $ -
Diluted $ - $ -
Limited Partners' Net Income per unit:
Basic $ .59 $ .49
Diluted $ .59 $ .49
FOR THE NINE MONTHS ENDED SEPTEMBER 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 195,111,572 184,285,026
Add: Incremental units under common unit option plan 84,299 114,788
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Assuming dilution 195,195,871 184,399,814
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Income Before Cumulative Effect of a Change in Accounting $ 604,314 $ 510,146
Principle
Add: Cumulative effect adjustment from change in accounting
for asset retirement obligations - 3,465
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Net Income $ 604,314 $ 513,611
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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 $ 604,314 $ 510,146
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Less: General Partner's interest (287,851) (239,682)
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Limited Partner's interest 316,463 270,464
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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 $ 316,463 $ 273,894
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Earnings per limited partner unit:
Limited Partners' Income Before Cumulative Effect of
a Change in Accounting Principle per unit:
Basic $ 1.62 $ 1.47
Diluted $ 1.62 $ 1.47
Limited Partners' Cumulative Effect of a Change in
Accounting Principle per unit:
Basic $ - $ .02
Diluted $ - $ .02
Limited Partners' Net Income per unit:
Basic $ 1.62 $ 1.49
Diluted $ 1.62 $ 1.49