...
- Directory base permissions : 777
- umask value : 022
- Subtract to get permissions of new directory (777-022) : 755 (rwxr-xr-x)
References
First Google hit - http://www.cyberciti.biz/tips/understanding-linux-unix-umask-value-usage.html
Says it has examples - http://linuxaria.com/article/linux-shell-understanding-umask-with-examples?lang=en