APS 2011 Annual Report Download - page 137

PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
112
7. Common Stock and Treasury Stock
Our common stock and treasury stock activity during each of the three years 2011, 2010 and
2009 is as follows (dollars in thousands):
Common Stock Treasury Stock
Shares Amount Shares Amount
Balance at December 31, 2008 100,948,436 $ 2,151,323 (59,827) $ (2,854)
Common stock issuance 354,995 10,620 -- --
Purchase of treasury stock (a) -- -- (66,173) (2,156)
Reissuance of treasury stock
for stock compensation -- -- 32,761 1,198
Other 224,506 (8,648) -- --
Balance at December 31, 2009 101,527,937 2,153,295 (93,239) (3,812)
Common stock issuance (b) 7,172,405 263,297 -- --
Purchase of treasury stock (a) -- -- (1,994) (82)
Reissuance of treasury stock
for stock compensation -- -- 44,823 1,655
Other 119,725 4,780 -- --
Balance at December 31, 2010 108,820,067 2,421,372 (50,410) (2,239)
Common stock issuance 249,602 11,057 -- --
Purchase of treasury stock (a) -- -- (88,440) (3,720)
Reissuance of treasury stock
for stock compensation -- -- 27,689 1,242
Other 287,305 11,818 -- --
Balance at December 31, 2011 109,356,974 $ 2,444,247 (111,161) $ (4,717)
(a) Primarily represents shares of common stock withheld from certain stock awards for
tax purposes.
(b) In April 2010, Pinnacle West issued 6,900,000 shares of common stock at an offering
price of $38.00 per share, resulting in net proceeds of approximately $253 million.
Pinnacle West contributed all of the net proceeds from this offering into APS in the
form of equity infusions. APS has used these contributions to repay short-term
indebtedness, to finance capital expenditures and for other general corporate purposes.
At December 31, 2011, Pinnacle West had 10 million shares of serial preferred stock
authorized with no par value, none of which was outstanding, and APS had 15,535,000 shares of
various types of preferred stock authorized with $25, $50 and $100 par values, none of which was
outstanding.
8. Retirement Plans and Other Benefits
Pinnacle West sponsors a qualified defined benefit and account balance pension plan (The
Pinnacle West Capital Corporation Retirement Plan) and a non-qualified supplemental excess benefit
retirement plan for the employees of Pinnacle West and its subsidiaries. All new employees participate
in the account balance plan. Defined benefit plans specify the amount of benefits a plan participant is