EX-11 3 km-ex11_604216.txt COMPUTATION OF EARNINGS PER SHARE 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, 2003 2002 ====================================================================================================================== Weighted-average number of limited partners' units on which limited partners' net income per unit is based: Basic 187,812,720 174,780,924 Add: Incremental units under common unit option plan 99,665 151,083 ---------------------------------------------------------------------------------------------------------------------- Assuming dilution 187,912,385 174,932,007 ====================================================================================================================== Income Before Cumulative Effect of a Change in Accounting Principle $ 174,176 $ 158,180 Add: Cumulative effect adjustment from change in accounting for asset retirement obligations - - ---------------------------------------------------------------------------------------------------------------------- Net Income $ 174,176 $ 158,180 ---------------------------------------------------------------------------------------------------------------------- Calculation of Limited Partners' interest in Net Income: ---------------------------------------------------------------------------------------------------------------------- Income Before Cumulative Effect of a Change in Accounting Principle $ 174,176 $ 158,180 ---------------------------------------------------------------------------------------------------------------------- Less: General Partner's interest (82,727) (70,380) ---------------------------------------------------------------------------------------------------------------------- Limited Partner's interest 91,449 87,800 ---------------------------------------------------------------------------------------------------------------------- Add: Limited Partner's interest in Change in Accounting Principle - - ---------------------------------------------------------------------------------------------------------------------- Limited Partners' interest in Net Income $ 91,449 $ 87,800 ====================================================================================================================== Earnings per limited partner unit: Limited Partners' Income Before Cumulative Effect of a Change in Accounting Principle per unit: Basic $ .49 $ .50 Diluted $ .49 $ .50 Limited Partners' Cumulative Effect of a Change in Accounting Principle per unit: Basic $ - $ - Diluted $ - $ - Limited Partners' Net Income per unit: Basic $ .49 $ .50 Diluted $ .49 $ .50 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 2002 ====================================================================================================================== Weighted-average number of limited partners' units on which limited partners' net income per unit is based: Basic 184,285,026 169,171,439 Add: Incremental units under common unit option plan 114,788 173,449 ---------------------------------------------------------------------------------------------------------------------- Assuming dilution 184,399,814 169,344,888 ====================================================================================================================== Income Before Cumulative Effect of a Change in Accounting Principle $ 510,146 $ 444,130 Add: Cumulative effect adjustment from change in accounting for asset retirement obligations 3,465 - ---------------------------------------------------------------------------------------------------------------------- Net Income $ 513,611 $ 444,130 ---------------------------------------------------------------------------------------------------------------------- Calculation of Limited Partners' interest in Net Income: ---------------------------------------------------------------------------------------------------------------------- Income Before Cumulative Effect of a Change in Accounting Principle $ 510,146 $ 444,130 ---------------------------------------------------------------------------------------------------------------------- Less: General Partner's interest (239,682) (197,408) ---------------------------------------------------------------------------------------------------------------------- Limited Partner's interest 270,464 246,722 ---------------------------------------------------------------------------------------------------------------------- Add: Limited Partner's interest in Change in Accounting Principle 3,430 - ---------------------------------------------------------------------------------------------------------------------- Limited Partners' interest in Net Income $ 273,894 $ 246,722 ====================================================================================================================== Earnings per limited partner unit: Limited Partners' Income Before Cumulative Effect of a Change in Accounting Principle per unit: Basic $ 1.47 $ 1.46 Diluted $ 1.47 $ 1.46 Limited Partners' Cumulative Effect of a Change in Accounting Principle per unit: Basic $ .02 $ - Diluted $ .02 $ - Limited Partners' Net Income per unit: Basic $ 1.49 $ 1.46 Diluted $ 1.49 $ 1.46