Exhibit 99.11
PINNACLE WEST CAPITAL CORPORATION
NON-GAAP FINANCIAL MEASURE RECONCILIATION — NET INCOME
(GAAP MEASURE) TO ON-GOING EARNINGS (NON-GAAP FINANCIAL MEASURE)
NON-GAAP FINANCIAL MEASURE RECONCILIATION — NET INCOME
(GAAP MEASURE) TO ON-GOING EARNINGS (NON-GAAP FINANCIAL MEASURE)
| Nine Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2006 | September 30, 2005 | |||||||||||||||
| $ in | Diluted | $ in | Diluted | |||||||||||||
| Millions | EPS | Millions | EPS | |||||||||||||
| Net Income | $ | 309 | $ | 3.10 | $ | 155 | $ | 1.62 | ||||||||
| Adjustments: | ||||||||||||||||
| Regulatory disallowance | — | — | 87 | 0.91 | ||||||||||||
| Income tax credit related to prior periods | (10 | ) | (0.10 | ) | — | — | ||||||||||
| Loss from discontinued operations — Silverhawk Power Station write-down | — | — | 55 | 0.58 | ||||||||||||
| Loss from discontinued operations — Silverhawk Power Station operations | — | — | 9 | 0.09 | ||||||||||||
| Income from discontinued operations — NAC International | — | — | (4 | ) | (0.04 | ) | ||||||||||
| On-going Earnings | $ | 299 | $ | 3.00 | $ | 302 | $ | 3.16 | ||||||||