Exhibit 11
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KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Dollars In Thousands Except Per Unit Amounts)
Three Months Ended September 30,
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2006 2005
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(Unaudited)
Weighted average number of limited partners'
units on which limited partners' net income
per unit is based: 225,808,817 213,191,673
Basic..........................................
Add: Incremental units under common unit
option plan and under contracts to issue
units depending on the market price of the 346,218 304,598
units at a future date...................... ----------- -----------
Assuming dilution.............................. 226,155,035 213,496,271
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Calculation of Limited Partners' interest in Net Income:
Net Income..................................... $ 223,818 $ 245,387
Less: General Partner's interest in Net Income (133,881) (122,744)
Limited Partners' interest in Net Income....... ------------ ------------
$ 89,937 $ 122,643
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Limited Partners' Net Income per unit:
Basic.......................................... $ 0.40 $ 0.58
Diluted........................................ $ 0.40 $ 0.57
Nine Months Ended September 30,
-------------------------------
2006 2005
-------------- ---------------
(Unaudited)
Weighted average number of limited partners'
units on which limited partners' net income
per unit is based: 222,810,403 210,000,670
Basic..........................................
Add: Incremental units under common unit
option plan and under contracts to issue
units depending on the market price of the 333,813 198,126
units at a future date...................... ----------- -----------
Assuming dilution.............................. 223,144,216 210,198,796
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Calculation of Limited Partners' interest in
Net Income:
Net Income..................................... $ 717,588 $ 690,834
Less: General Partner's interest in Net Income (393,565) (351,724)
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Limited Partners' interest in Net Income....... $ 324,023 $ 339,110
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Limited Partners' Net Income per unit:
Basic.......................................... $ 1.45 $ 1.61
Diluted........................................ $ 1.45 $ 1.61