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, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                                                                                                 |   | 2007                    |   | 2006 |   | 2005 |   |
| Weighted average number of limited partners’ units on which limited partners’ net income per unit is based:                                |   |                    |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                |   |                    | 236.9  |   |   | 224.6 |   |   | 212.2 |   |
| 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 |   |                    | — |   |   | 0.3 |   |   | 0.2 |   |
| Assuming dilution                                                                                                                                    |   |                    | 236.9  |   |   | 224.9 |   |   | 212.4 |   |
|                                                                                                                                                 |   |                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                 |   |                    |   |   |   |   |   |   |   |   |
| Calculation of Limited Partners’ interest in Net Income:                                                                                        |   |                    |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                                                                                                                    |   | $                       | 416.4  |   | $ | 989.8 |   | $ | 812.4 |   |
| Less:  General Partner’s interest in Income from Continuing Operations                                                                          |   |                    | (609.9 | ) |   | (513.2 | ) |   | (477.3 | ) |
| Limited Partners’ interest in Income from Continuing Operations                                                                                 |   |                    | (193.5 | ) |   | 476.6 |   |   | 335.1 |   |
| Add:  Limited Partners’ interest in Income from Discontinued Operations                                                                         |   |                    | 172.2  |   |   | 14.2 |   |   | (0.2 | ) |
| Limited Partners’ interest in Net Income                                                                                                        |   | $                       | (21.3  | ) | $ | 490.8 |   | $ | 334.9 |   |
|                                                                                                                                                 |   |                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                 |   |                    |   |   |   |   |   |   |   |   |
| Basic Limited Partners’ Net Income per unit:                                                                                                    |   |                    |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                                                                                                                    |   | $                       | (0.82  | ) | $ | 2.12 |   | $ | 1.58 |   |
| Income from Discontinued Operations                                                                                                                  |   | $                       | 0.73   |   | $ | 0.07 |   | $ | — |   |
| Net Income                                                                                                                                           |   | $                       | (0.09  | ) | $ | 2.19 |   | $ | 1.58 |   |
|                                                                                                                                                 |   |                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                 |   |                    |   |   |   |   |   |   |   |   |
| Diluted Limited Partners’ Net Income per unit:                                                                                                  |   |                    |   |   |   |   |   |   |   |   |
| Income from Continuing Operations                                                                                                                    |   | $                       | (0.82  | ) | $ | 2.12 |   | $ | 1.58 |   |
| Income from Discontinued Operations                                                                                                                  |   | $                       | 0.73   |   | $ | 0.06 |   | $ | — |   |
| Net Income                                                                                                                                           |   | $                       | (0.09  | ) | $ | 2.18 |   | $ | 1.58 |   |