...
- Directory base permissions : 777
- umask value : 022
- Subtract to get permissions of new directory (777-022) : 755 (rwxr-xr-x)
References
This seems to talk about the acl and mask issue - http://bsdwiki.reedmedia.net/wiki/View_and_modify_ACLs.html
First Google hit - http://www.cyberciti.biz/tips/understanding-linux-unix-umask-value-usage.html
...