Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share

Earnings Per Share

11.          Earnings Per Share

The following table presents the calculation of Pinnacle West’s basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Net income attributable to common shareholders	$	132,458	$	131,207	$	148,224	$	155,651
Average common shares outstanding — basic	110,565		109,962		110,546		109,898
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units	437		970		379		945
Average common shares outstanding — diluted	111,002		110,932		110,925		110,843
Earnings per average common share attributable to common shareholders — basic	$	1.20	$	1.19	$	1.34	$	1.42
Earnings per average common share attributable to common shareholders — diluted	$	1.19	$	1.18	$	1.34	$	1.40