Earnings Per Share

3 Months Ended

Mar. 31, 2023

The following table presents the calculation of Pinnacle West’s basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended March 31,
	2023		2022
Net income (loss) attributable to common shareholders	$	(3,297)	$	16,956
Weighted average common shares outstanding — basic	113,358		113,102
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units	239		193
Weighted average common shares outstanding — diluted	113,597		113,295
Earnings per weighted-average common share outstanding
Net income (loss) attributable to common shareholders — basic	$	(0.03)	$	0.15
Net income (loss) attributable to common shareholders — diluted	$	(0.03)	$	0.15

For the three months ended March 31, 2023, 239 thousand shares were excluded from the calculation of diluted weighted average common shares outstanding, as their inclusion would have been antidilutive. For the three months ended March 31, 2022, no shares were excluded from the calculation of diluted weighted average common shares outstanding.