Transmontaigne Partners L.P. (TLP)

(12) NET EARNINGS PER LIMITED PARTNERS’ UNIT

The following table reconciles the computation of basic and diluted weighted average units (in thousands):

For the three months ended June 30, 2006, we included the dilutive effect of 58,000 restricted phantom units in the computation of diluted net earnings per limited partners’ unit because the average quoted market price of our common units for the period exceeded the related unamortized deferred compensation.

We exclude potentially dilutive securities from our computation of diluted earnings per limited partners’ unit when their effect would be anti-dilutive. There were no anti-dilutive securities for the three and six months ended June 30, 2006 and 2005.

(j) Net earnings per limited partners’ unit

Net earnings per limited partners’ unit are computed by dividing net earnings allocable to limited partners by the weighted average number of limited partnership units outstanding during the period. Net earnings allocable to limited partners are net of two percent of the earnings allocable to the general

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partner. Basic and diluted net earnings per limited partners’ unit are the same because we currently have no dilutive securities outstanding.

For the three months ended March 31, 2006, we excluded 58,000 restricted phantom units from the computation of diluted net earnings per limited partners’ unit because the unamortized deferred compensation exceeded the average quoted market price of our common units for the period.

Net earnings per limited partners’ unit are computed by dividing net earnings allocable to limited partners by the weighted average number of limited partnership units outstanding during the period. Net earnings allocable to limited partners are net of two percent of the earnings allocable to the general partner. Basic and diluted net earnings per limited partners’ unit are the same because we currently have no potentially dilutive securities outstanding.

(i) Net Earnings Per Limited Partners' Unit

Net earnings per limited partners' unit are computed by dividing net earnings allocable to limited partners by the weighted average number of limited partnership units outstanding during the period. Net earnings allocable to limited partners are net of two percent of the earnings allocable to the general partner. Basic and diluted net earnings per limited partners' unit are the same because we currently have no potentially dilutive securities outstanding.