KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES

EXHIBIT 11 – STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

(Units in millions; Dollars in millions except per unit amounts)

 

 

|                                                                                                |   |   |   |   |   | Year Ended December 31, |    |
|-----------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|-------------------------|---------|
|                                                                                                |   |   |   |   |   | 2008                    |    |   |   |   |   | 2007 |   |   |   |   |   | 2006 |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of limited partners’ units on which limited                            |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| partners’ net income per unit is based:                                                        |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                               |   |   |   |   |   |                    | 257.2   |   |   |   |   |   |   | 236.9 |   |   |   |   |   |   | 224.6 |   |
| Add:  Incremental units under common unit option plan and under at                                  |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| contracts to issue units depending on the market price of the units                                 |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| a future date                                                                                       |   |   |   |   |   |                    | —  |   |   |   |   |   |   | — |   |   |   |   |   |   | 0.3 |   |
| Assuming dilution                                                                                   |   |   |   |   |   |                    | 257.2   |   |   |   |   |   |   | 236.9 |   |   |   |   |   |   | 224.9 |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Calculation of Limited Partners’ interest in Net Income (Loss):                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                                                                   |   |   |   |   |   | $                       | 1,303.5 |   |   |   |   |   | $ | 416.4 |   |   |   |   |   | $ | 989.8 |   |
| Less:      General Partner’s interest in Income from Continuing  |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations                                                                                          |   |   |   |   |   |                    | (805.8  | ) |   |   |   |   |   | (609.9 | ) |   |   |   |   |   | (513.2 | ) |
| Limited Partners’ interest in Income from Continuing Operations                                |   |   |   |   |   |                    | 497.7   |   |   |   |   |   |   | (193.5 | ) |   |   |   |   |   | 476.6 |   |
| Add:      Limited Partners’ interest in Income from Discontinued |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations                                                                                          |   |   |   |   |   |                    | 1.3     |   |   |   |   |   |   | 172.2 |   |   |   |   |   |   | 14.2 |   |
| Limited Partners’ interest in Net Income (Loss)                                                |   |   |   |   |   | $                       | 499.0   |   |   |   |   |   | $ | (21.3 | ) |   |   |   |   | $ | 490.8 |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic Limited Partners’ Net Income (Loss) per unit:                                            |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from Continuing Operations                                                            |   |   |   |   |   | $                       | 1.94    |   |   |   |   |   | $ | (0.82 | ) |   |   |   |   | $ | 2.12 |   |
| Income from Discontinued Operations                                                                 |   |   |   |   |   | $                       | —  |   |   |   |   |   | $ | 0.73 |   |   |   |   |   | $ | 0.07 |   |
| Net Income (Loss)                                                                                   |   |   |   |   |   | $                       | 1.94    |   |   |   |   |   |   | (0.09 | ) |   |   |   |   |   | 2.19 |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted Limited Partners’ Net Income (Loss) per unit:                                          |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from Continuing Operations                                                            |   |   |   |   |   | $                       | 1.94    |   |   |   |   |   | $ | (0.82 | ) |   |   |   |   | $ | 2.12 |   |
| Income from Discontinued Operations                                                                 |   |   |   |   |   | $                       | —  |   |   |   |   |   | $ | 0.73 |   |   |   |   |   | $ | 0.06 |   |
| Net Income (Loss)                                                                                   |   |   |   |   |   | $                       | 1.94    |   |   |   |   |   | $ | (0.09 | ) |   |   |   |   | $ | 2.18 |   |
|                                                                                                |   |   |   |   |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |