APS 2011 Annual Report Download - page 153

PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
128
2011 2010
Asset retirement obligations at the
beginning of year $ 329 $ 302
Changes attributable to:
Accretion expense 19 22
Estimated cash flow revisions (68) 5
Asset retirement obligations at the
end of year $ 280 $ 329
In accordance with regulatory accounting, APS accrues removal costs for its regulated utility
assets, even if there is no legal obligation for removal. See detail of regulatory liabilities in Note 3.
13. Selected Quarterly Financial Data (Unaudited)
Consolidated quarterly financial information for 2011 and 2010 is as follows (dollars in
thousands, except per share amounts):
2011 Quarter Ended 2011
March 31,(a) June 30, Sept. 30, Dec. 31, Total
Operating revenues $ 648,847 $ 799,799 $ 1,124,841 $ 667,892 $ 3,241,379
Operations and maintenance 255,029 210,590 210,035 228,632 904,286
Operating income 35,784 196,992 435,017 78,715 746,508
Income taxes (6,005) 50,818 131,416 7,375 183,604
Income (loss) from continuing operations (10,368) 93,185 253,273 19,544 355,634
Net income (loss) attributable to
common shareholders (15,135) 86,685 255,359 12,564 339,473
Earnings Per Share:
Income (loss) from continuing operations attributable
to common shareholders - Basic
$ (0.15) $ 0.79 $ 2.25 $ 0.11 $ 3.01
Net income (loss) attributable to common
shareholders - Basic
(0.14) 0.80 2.34 0.12 3.11
Income (loss) from continuing operations attributable
to common shareholders - Diluted (0.15) 0.78 2.24 0.11 2.99
Net income (loss) attributable to common
shareholders - Diluted
(0.14) 0.79 2.32 0.11 3.09
(a) The March 31, 2011 results were adjusted for the effect of reclassifications for
discontinued operations (see Note 21). The adjustments resulted in a reduction in
operating revenues of $10,728, a reduction in operations and maintenance of $1,457, a
reduction in operating income of $1,357, a decrease in income taxes of $356, and a
decrease in income from continuing operations of $1,043.