Average Return on Invested Capital definition

Average Return on Invested Capital. (also known as Average Return on Total Capital) is the average amount of “Return on Invested Capital” for the three fiscal years of the Performance Period. Return on Invested Capital is measured as NOPAT divided by Invested Capital, where NOPAT equals earnings from operations, less tax, calculated using the actual reported effective tax rate, and Invested Capital equals long-term debt plus shareholders equity.

Average Return on Invested Capital or “ROIC” means a percentage derived by dividing (i) the cumulative NOPAT (the sum of NOPAT for each of the three calendar years within the 2011-2013 Performance Period) by (ii) Average Invested Capital.

Average Return on Invested Capital means 16.4%.

Examples of Average Return on Invested Capital in a sentence

• Performance Criteria means the End of Performance Period Stock Price set forth in Section 1.4(a) and the Average Return on Invested Capital set forth in Section 1.4(b).

• Average Return on Invested Capital will be calculated annually during each full 12-calendar month period during the Performance Period and averaged over the Performance Period.

• Average Return on Invested Capital (ROIC) = Earnings Per Share (EPS) = Fully-diluted earnings per share (net income before non-recurring and/or unusual items, divided by the monthly average of total common shares and share equivalents outstanding) (“EPS”), measured as the EPS achieved in the final fiscal year of the performance period.

• If the Corporation undergoes a Change in Control Event prior to the last day of the Performance Period, then the Performance Period shall be deemed to have ended on the effective date of the Change in Control Event, and Participant shall be entitled to an Award calculated in the manner set forth in Section 2 above except appropriate adjustments shall be made by the Administrator to the targets for Cumulative EBITDA and Average Return on Invested Capital.

• The amount of Participant’s Award, if any, shall be determined based on the Corporation’s performance over the Performance Period as measured by the following two metrics: Cumulative EBITDA (as defined below) and Average Return on Invested Capital (also defined below).

More Definitions of Average Return on Invested Capital

Average Return on Invested Capital is defined to mean (i) average NOPAT for the Performance Period, divided by (ii) average Invested Capital for the Performance Period. For purposes of this Agreement, the Average Return on Invested Capital for the Performance Period will be the product of: Numerator: (2011 NOPAT + 2012 NOPAT +2013 NOPAT) / 3 divided by Denominator: (2011 Invested Capital + 2012 Invested Capital + 2013 Invested Capital) / 3

Average Return on Invested Capital means (x) the Return on Invested Capital for each fiscal year of the Corporation during the Performance Period ÷ (y) the total number of fiscal years in the Performance Period.

Average Return on Invested Capital means the average of the Return on Invested Capital for each of the two years in the Performance Period.

Average Return on Invested Capital means 16.4%. “Bankruptcy Code” has the meaning specified in Section 8.02.

Average Return on Invested Capital means the sum of the Annual Return on Invested Capital for each fiscal year in the applicable Performance Period, divided by the number of years in the applicable Performance Period, beginning with the Performance Period from January 1, 2000 through December 31, 2002, provided, however, that for such Performance Period Average Return on Invested Capital shall be based upon the 2001 and 2002 fiscal years only.

Average Return on Invested Capital means (x) the Return on Invested Capital for each fiscal year of the Corporation during the Performance Period ÷

Average Return on Invested Capital or “ROIC” means a percentage derived by dividing (i) the cumulative NOPAT (the sum of NOPAT for each of the three