Average Return on Invested Capital

Average Return on Invested Capital. (i) average NOPAT for the Performance Period, divided by (ii) average Invested Capital for the Performance Period.

Average Return on Invested Capital. (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. (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. Subject to any adjustment required by Section 4.4 with respect to any financial metric described in this definition or any adjustment provided for in Section 1.6(a), the "Average Return on Invested Capital" is equal to (i) NOPAT for the immediately preceding 12-calendar month period ending on the last day of the calendar month immediately preceding or coinciding with the determination date, divided by (ii) the average Invested Capital for the four fiscal quarter-end dates ending on or before... such determination date. 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. For purposes of this definition: "Invested Capital" means the sum of (a) notes payable, (b) the current portion of long term debt, (c) the non-current portion of long term debt, and (d) total stockholders' equity, each as reported by the Company in its annual and quarterly reports filed with the Securities and Exchange Commission; "NOPAT" means the Company's Operating Profit minus all taxes applicable to such Operating Profit; and "Operating Profit" means the Company's annual pre-tax earnings from continuing operations plus annual interest expense less non-operating income. View More