Return on Average Equity

Return on Average Equity. For the Company and each Index Company for a Long-Term Performance Period or period thereof, the average of (x) such company's net income for each of the Fiscal Years during such Long-Term Performance Period, divided by (y) such company's average equity during such Fiscal Year, in each case as reported in such company's annual reports on Form 10-K for the Fiscal Years included in such Long-Term Performance Period.

Return on Average Equity. Or "ROAE" for a Long-Term Performance Period shall mean (i) the Company's net income after taxes for each Fiscal Year during such Long-Term Performance Period, divided by (ii) the Company's average equity during such Long-Tern Performance Period, in each case as reported in the Company's annual reports on Form 10-K for the Fiscal Years included in such Long-Term Performance Period.

Return on Average Equity. The Company's net income after tax divided by average shareholders' equity, determined by adding shareholder equity value at the beginning and end of the applicable calendar year and dividing that result by two (2).

Return on Average Equity. Shall mean twelve months GAAP net income plus (minus) certain Non Cash Items and Merger Expenses divided by average Tangible Net Worth, for the period ending November 30th.

Return on Average Equity. The Company's net income for a calendar year in the Performance Period, divided by the average of shareholder's equity as of the first and last day of such calendar year. Return on Average Equity shall be determined in accordance with generally accepted accounting principles as in effect on the first day of the applicable Performance Period