Earnings Per Unit

6 Months Ended

Jun. 30, 2011

Earnings Per Unit [Abstract]

Earnings Per Unit

Note 13.  Earnings Per Unit

The earnings per unit amounts included in these financial statements have been retroactively presented in connection with the unit-for-unit exchange that occurred under the Holdings Merger.

Basic and diluted earnings per unit amounts for periods prior to the Holdings Merger are based on net income attributable to partners, divided by the applicable weighted-average number of Holdings' units outstanding for the period adjusted for the merger exchange ratio of 1.5 Enterprise common units for each Holdings unit.  For these periods, net income attributable to partners represents net income allocated to the former owners of Holdings, which was determined after amounts allocated to noncontrolling interest (which included net income allocated to Enterprise's limited partner interests that were owned by third parties and related parties other than Holdings).

Following the Holdings Merger, basic earnings per unit is computed by dividing net income attributable to our limited partner interests by the weighted-average number of our distribution-bearing units outstanding during a period (excluding the Designated Units).

Diluted earnings per unit is computed by dividing net income or loss attributable to our limited partner interests by the sum of (i) the weighted-average number of our distribution-bearing units outstanding during a period (as used in determining basic earnings per unit), (ii) the weighted-average number of our Class B units outstanding during a period, (iii) the weighted-average number of Designated Units outstanding during a period and (iv) the number of incremental common units resulting from the assumed exercise of dilutive unit options outstanding during a period (the “incremental option units”).

In a period of net losses, the Class B units, Designated Units and incremental option units are excluded from the calculation of diluted earnings per unit due to their antidilutive effect.  The dilutive incremental option units are calculated using the treasury stock method, which assumes that proceeds from the exercise of all in-the-money options at the end of each period are used to repurchase common units at an average market price during the period.  The amount of common units remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities.

The following table presents our calculation of basic and diluted earnings per unit for the periods presented:

	For the Three Months Ended June 30				For the Six Months Ended June 30,
	2011		2010		2011		2010
BASIC EARNINGS PER UNIT
Numerator:
Net income attributable to partners	$	433.7	$	54.1	$	854.4	$	124.0
General partner interest in net income		--		*		--		*
Net income attributable to limited partners	$	433.7	$	54.1	$	854.4	$	124.0
Denominator:
Common units		810.8		208.8		810.3		208.8
Time-vested restricted common units		4.3		--		4.2		--
Total		815.1		208.8		814.5		208.8
Basic earnings per unit:
Net income attributable to partners	$	0.53	$	0.26	$	1.05	$	0.59
General partner interest in net income		--		*		--		*
Net income attributable to limited partners	$	0.53	$	0.26	$	1.05	$	0.59
DILUTED EARNINGS PER UNIT
Numerator:
Net income attributable to partners	$	433.7	$	54.1	$	854.4	$	124.0
General partner interest in net income		--		*		--		*
Net income attributable to limited partners	$	433.7	$	54.1	$	854.4	$	124.0
Denominator:
Common units		810.8		208.8		810.3		208.8
Time-vested restricted common units		4.3		--		4.2		--
Class B units		4.5		--		4.5		--
Designated Units		30.6		--		30.6		--
Incremental option units		1.2		--		1.3		--
Total		851.4		208.8		850.9		208.8
Diluted earnings per unit:
Net income attributable to partners	$	0.51	$	0.26	$	1.00	$	0.59
General partner interest in net income		--		*		--		*
Net income attributable to limited partners	$	0.51	$	0.26	$	1.00	$	0.59
* Amount is negligible