PINNACLE WEST CAPITAL CORP — Director's Dealing 2011

Dec 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PINNACLE WEST CAPITAL CORP (PNW)
CIK: 0000764622
Period of Report: 2011-12-21

Reporting Person: Falck David P (EVP, GC & Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-21	Common Stock	A	6074	$0.00	Acquired	18208	Direct
2011-12-21	Common Stock	F	2433	$47.80	Disposed	15775	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1480	Indirect

Footnotes

F1: Shares acquired upon the vesting of performance shares granted in 2009.

F2: The minimum number of shares was retained by the Company solely for the purpose of meeting tax withholding requirements. The recipient retained all other shares.