KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Dollars In Thousands Except Per Unit Amounts)
Year Ended December 31,
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2005 2004 2003
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Weighted average number of limited partners' units on which limited partners'
net income per unit is based:
Basic............................................................... 212,197,302 196,955,618 185,383,944
Add: Incremental units under common unit option plan and under
contracts to issue units depending on the market price of the
units at a future date.......................................... 231,451 82,696 109,774
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Assuming dilution................................................... 212,428,753 197,038,314 185,493,718
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Income before cumulative effect of a change in accounting principle. $ 812,227 $ 831,578 $ 693,872
Add: Cumulative effect adjustment from change in accounting for
asset retirement obligations.................................... -- -- 3,465
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Net Income.......................................................... $ 812,227 $ 831,578 $ 697,337
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Calculation of Limited Partners' interest in Net Income:
Income before cumulative effect of a change in accounting principle. $ 812,227 $ 831,578 $ 693,872
Less: General Partner's interest................................... (477,300) (395,092) (326,489)
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Limited Partners' interest.......................................... $ 334,927 $ 436,486 $ 367,383
Add: Limited Partners' interest in change in accounting principle.. -- -- 3,430
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Limited Partners' interest in Net Income............................ $ 334,927 $ 436,486 $ 370,813
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Earnings per limited partner unit:
Limited Partners' income before cumulative effect of a change in accounting
principle per unit:
Basic............................................................... $ 1.58 $ 2.22 $ 1.98
Diluted............................................................. $ 1.58 $ 2.22 $ 1.98
Limited Partners' cumulative effect of a change in accounting
principle per unit:
Basic............................................................... -- -- $ 0.02
Diluted............................................................. -- -- $ 0.02
Limited Partners' Net Income per unit:
Basic............................................................... $ 1.58 $ 2.22 $ 2.00
Diluted............................................................. $ 1.58 $ 2.22 $ 2.00