APS 2013 Annual Report Download - page 116

Table of Contents
PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
same. Since APS was in compliance with this common equity ratio requirement, this restriction does not materially affect Pinnacle West’s ability to meet its
ongoing capital requirements.
7. Common Stock and Treasury Stock
Our common stock and treasury stock activity during each of the three years 2013, 2012 and 2011 is as follows (dollars in thousands):
Common Stock Treasury Stock
Shares Amount Shares Amount
Balance at December 31, 2010 108,820,067 $ 2,421,372 (50,410) $ (2,239)
Common stock issuance 536,907 22,875 — —
Purchase of treasury stock (a) — — (88,440)(3,720)
Reissuance of treasury stock for stock compensation — — 27,689 1,242
Balance at December 31, 2011 109,356,974 2,444,247 (111,161)(4,717)
Common stock issuance 480,983 22,676 — —
Purchase of treasury stock (a) — — (89,629)(4,607)
Reissuance of treasury stock for stock compensation — — 105,598 5,113
Balance at December 31, 2012 109,837,957 2,466,923 (95,192)(4,211)
Common stock issuance 442,746 24,635 — —
Purchase of treasury stock (a) — — (174,290)(9,727)
Reissuance of treasury stock for stock compensation — — 170,538 9,630
Balance at December 31, 2013 110,280,703 $2,491,558 (98,944)$(4,308)
(a) Primarily represents shares of common stock withheld from certain stock awards for tax purposes.
At December 31, 2013, 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 to receive using information about the participant. The pension plan
covers nearly all employees. The supplemental excess benefit retirement plan covers officers of the Company and highly compensated employees designated
for participation by the Board of Directors. Our employees do not contribute to the plans. Generally, we calculate the benefits based on age, years of service
and pay.
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