Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2014

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

	For the Three Months Ended June 30					For the Six Months Ended June 30,
	2014			2013		2014			2013
BASIC EARNINGS PER UNIT
Net income attributable to limited partners	$	637.7		$	552.5	$	1,436.5		$	1,306.0
Undistributed earnings allocated and cash payments on phantom unit awards (1)		(1.2	)		--		(2.7	)		--
Net income available to common unitholders	$	636.5		$	552.5	$	1,433.8		$	1,306.0

Basic weighted-average number of common units outstanding		915.5			889.1		914.8			885.4

Basic earnings per unit	$	0.70		$	0.62	$	1.57		$	1.48

DILUTED EARNINGS PER UNIT
Net income attributable to limited partners	$	637.7		$	552.5	$	1,436.5		$	1,306.0

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		915.5			889.1		914.8			885.4
Designated Units		22.6			23.7		22.6			23.7
Class B units (2)		--			4.5		--			4.5
Phantom units (1)		1.7			--		1.2			--
Incremental option units		0.4			1.2		0.5			1.2
Total		940.2			918.5		939.1			914.8

Diluted earnings per unit	$	0.68		$	0.60	$	1.53		$	1.43

(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to Enterprise's common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014. (2) The Class B units automatically converted into an equal number of distribution-bearing common units in August 2013.