APS 2012 Annual Report Download - page 21
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P. 18 / 19
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2012 2011
Millions Per Share Millions Per Share
YEAR ENDED DECEMBER 31,
Net income attributable to common shareholders $ 382 $ 3.45 $ 339 $ 3.09
Adjustments:
Loss (income) from discontinued operations 6 0.05 (11 ) (0.10 )
On-going Earnings $ 388 $ 3.50 $ 328 $ 2.99
Pinnacle West Capital Corporation Non-GAAP Financial Information
Reconciliation of Net Income Attributable to Common Shareholders (GAAP Measure)
to On-going Earnings (Non-GAAP Financial Measure)
In this report, we refer to “on-going earnings,” a non-GAAP financial measure as defined in accordance
with Securities and Exchange Commission rules. We believe on-going earnings provide investors with a
useful indicator of our results that is comparable among periods because it excludes the effects of unusual
items that may occur on an irregular basis. Investors should note that non-GAAP financial measures
involve judgments by management, including whether an item is classified as an unusual item. We use
on-going earnings, or similar concepts, to measure our performance internally in reports for management.
Forward-Looking Statements
This report contains forward-looking statements based on current expectations. These forward-looking
statements are often identified by words such as “estimate,” “predict,” “may,” “believe,” “plan,”
“expect,” “require,” “intend,” “assume” and similar words. Because actual results may differ materially
from expectations, we caution you not to place undue reliance on these statements. A number of factors
could cause future results to differ materially from historical results, or from outcomes currently expected
or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report
on Form 10-K and is available on our website at pinnaclewest.com, which you should review carefully
before placing any reliance on our forward-looking statements, financial statements or disclosures. We
assume no obligation to update any forward-looking statements, even if our internal estimates change,
except as may be required by applicable law.