Average Return on Equity

Average Return on Equity. Annualized Cumulative After Tax Operating Earnings during the Award Period divided by the average of the GAAP Book Value of Equity, excluding accumulated other comprehensive income as of the end of each fiscal quarter during the Award Period (or, if applicable, the number of quarters completed through the date of a Change in Control)

Average Return on Equity. The average of the annual Return on Equity calculated with respect to the Company or a member of the Peer Group, as applicable, for each of calendar years 2011, 2012 and 2013, provided that in the event of a determination of the Performance Ratio on an Accelerated Determination Date, the Average Return on Equity shall be calculated only with respect to calendar years ending prior to such Accelerated Determination Date.