v3.25.1
Common Stock Equity and Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure
The following table presents the calculation of Pinnacle West’s ATM Program as of March 31, 2025 (in thousands, except share amounts and price per share):

As of March 31, 2025
November 2024 ATM Forward Sale AgreementMarch 2025 ATM Forward Sale Agreement
Initial Price
Number of Shares552,833 544,959 
Forward Sales Price Per Share (a)$89.73 $90.83 
Aggregate Value (in thousands)$49,606 $49,499 

(a)    Subject to certain adjustments.
The following table presents the calculation of Pinnacle West’s February 2024 Forward Sale Agreements as of March 31, 2025 (in thousands, except share amounts and price per share):

As of March 31, 2025
February 2024 Forward Sale Agreements
Initial Price
Number of Shares11,240,601 
Forward Sales Price Per Share (a)$64.51 
Aggregate Value (in thousands)$725,131 
Settlements
Date12/23/2024
Number of Shares Settled (b)5,377,115 
Forward Sales Price Upon Settlement$64.17 
Net Proceeds (in thousands) (c)$345,049 

(a)    Subject to certain adjustments.
(b)    Physical delivery.
(c)    Proceeds recorded in common equity on the Condensed Consolidated Balance Sheets.
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 earnings per share amounts):
Three Months Ended March 31,
 20252024
Net income (loss) attributable to common shareholders$(4,644)$16,862 
Weighted average common shares outstanding — basic119,594 113,621 
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units498 327 
Dilutive shares related to equity forward sale agreements (a)1,669 279 
Total contingently issuable shares (b)2,167 606 
Weighted average common shares outstanding — diluted121,761 114,227 
Earnings per weighted-average common share outstanding
Net income (loss) attributable to common shareholders — basic$(0.04)$0.15 
Net income (loss) attributable to common shareholders — diluted (b)$(0.04)$0.15 

(a)    For the three months ended March 31, 2025 and 2024, diluted weighted average common shares excludes 197,390 and 0 shares, respectively, relating to the Convertible Notes and the November 2024 ATM Forward Sale Agreements. These potentially issuable shares were excluded from the calculation of diluted shares as their inclusion would have been antidilutive.
(b)    Contingently issuable shares of 2,167,000 were excluded from the calculation of diluted weighted average common shares outstanding, as their inclusion would have been antidilutive due to the Net Loss results for the three months ended March 31, 2025. For the three months ended March 31, 2024, 0 contingently issuable shares were excluded from the calculation of diluted weighted average common shares outstanding.