Moving to slide seven, you see the variances that drove the change in quarterly ongoing earnings per share. First, an increase in our gross margins added one penny per share compared against the prior year's first-quarter earnings. Several plusses and minuses comprises positive net variance and I will cover those items in more detail on the next slide.Second lower operations and maintenance expense improved earnings by $0.07 per share. The expense decrease largely reflects lower fossil plant maintenance cost as a result of less work being completed early in the year compared to 2011 as well as the net decrease in other items.
Pinnacle West Capital Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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