Hugo Kornelis (7/13/2010)

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Both the text before the first delimiter and the text after the last delimiter will be a row, as each bit of text between two delimiters. That results in #rows = #delimiters + 1.

You can see this in the WHERE clause:
WHERE (...) = @StringDelimiter -- Twelve rows, for the twelve delimiters.
OR Number - 1 = LEN(@Text) -- One row, for the end of the text.

If the last character is a delimiter (that is, if the text had ended in a dot instead of a question mark), the number of rows would be equal to the number of delimiters, with the "last" row matching both of the OR'ed conditions.