Earnings Per Share

3 Months Ended

Mar. 31, 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 (in thousands, except per share amounts):

	Three Months Ended March 31,
	2014		2013
Net income attributable to common shareholders	$	15,766	$	24,444
Average common shares outstanding — basic	110,257		109,832
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units	631		1,003
Average common shares outstanding — diluted	110,888		110,835
Earnings per average common share attributable to common shareholders — basic	$	0.14	$	0.22
Earnings per average common share attributable to common shareholders — diluted	$	0.14	$	0.22