Common Stock Equity and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Weighted Average Common Share Outstanding

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

	2024		2023		2022
Net income attributable to common shareholders	$	608,806	$	501,557	$	483,602
Weighted average common shares outstanding — basic	113,846		113,442		113,196
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units	480		362		220
Dilutive shares related to equity forward sale agreements (a)	1,906		—		—
Total contingently issuable shares	2,386		362		220
Weighted average common shares outstanding — diluted	116,232		113,804		113,416
Earnings per weighted-average common share outstanding
Net income attributable to common shareholders — basic	$	5.35	$	4.42	$	4.27
Net income attributable to common shareholders — diluted	$	5.24	$	4.41	$	4.26

(a)    For the years ended December 31, 2024, 2023 and 2022, diluted weighted average common shares excludes 1,038,463, 0 and 0 shares, respectively, relating to the Convertible Notes and the ATM equity forward. These potentially issuable shares were excluded from the calculation of diluted shares as their inclusion would have been antidilutive.