Best I can tell from this page on how Slic3r calculates it:
Given in mm:
Fd = filament diameter
Ew = extrusion width
Eh = extrusion height
Sl = segment length
E = (Sl * (Ew-Eh) * Eh + π * (Eh/2)^2) / (π * (Fd/2)^2)
Which is independent of nozzle size, which makes sense because (ignoring pressure changes, viscosity, etc) it would be based on the amount of filament going into the extruder. I'm sure there is some additional math for the items ignored since the formula above gives a slightly lower value than my slicer did.