PHOENIX (AP) — The parent company of Arizona's largest electric utility is boosting the annual dividend it pays to its shareholders.

Wednesday's vote by Pinnacle West Capital Corp.'s board of directors comes two months after state utility regulators voted to allow Arizona Public Service to increase residential rates by 4.5 percent. New rooftop solar customers will also earn less for power they sell back to the company.

The board raised the annual dividend by 6.1 percent to $2.78 per share.

Pinnacle West is a publicly traded company. Its share price is up about 14 percent since a year ago and closed Wednesday at $87.34 a share.

The company in August reported second quarter earnings of $167 million on revenue of $944 million. That works out to $1.49 a share.