PINNACLE WEST CAPITAL CORP — Director's Dealing 2011

Feb 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PINNACLE WEST CAPITAL CORP (PNW)
CIK: 0000764622
Period of Report: 2011-02-18

Reporting Person: Danner Denise R (VP, Controller & CAO, PNW/APS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	Common Stock	M	700	—	Acquired	1156	Direct
2011-02-18	Common Stock	F	198	$41.88	Disposed	958	Direct
2011-02-18	Common Stock	M	566	—	Acquired	1524	Direct
2011-02-18	Common Stock	F	217	$41.88	Disposed	1307	Direct
2011-02-18	Common Stock	A	37	—	Acquired	1344	Direct
2011-02-18	Common Stock	F	15	$41.88	Disposed	1329	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	Restricted Stock Units	$	M	700	Disposed		Common Stock (700)	Direct
2011-02-18	Restricted Stock Units	$	M	566	Disposed		Common Stock (566)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	266	Indirect

Footnotes

F1: Each Restricted Stock Unit represents a contingent right to receive one share of the Company's common stock or the cash equivalent.

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.

F3: Each Restricted Stock Unit represents a contingent right to receive common stock or 50% cash and 50% common stock.

F4: Represents shares of common stock received by the recipient in settlement of dividend rights payable in common stock and granted in connection with the Restricted Stock Units granted in 2010.

F5: The Restricted Stock Units award was granted and effective in February 2009, and vests in four equal, annual installments beginning on February 20, 2010. Since February 20, 2011 was a Sunday, the Restricted Stock Units were released on February 18, 2011.

F6: The Restricted Stock Units award was granted and effective in January 2010, and vests in four equal, annual installments beginning on February 20, 2011. Since February 20, 2011 was a Sunday, the Restricted Stock Units were released on February 18, 2011.