Path D-L Length and Net Area
The path length, in this case, is the plate width (12") less two EFFECTIVE HOLE DIAMETERS:
EFFECTIVE HOLE DIAMETER = bolt dia. + 1/16" for std hole + 1/16" damage allowance
Path Length = 9.625" - (2 hole diameters)*(7/8" + 1/8") = 7.625 inches
The net area equals the path length times the plate thickness:
Net Area = (7.625")(.375") = 2.86 in2
An alternate approach would be to deduct two hole areas for Ag:
Net Area = 3.58 in2 - 2*(7/8" + 1/8")(3/8") = 2.83 in2
The difference being that the first calculation did not account for the reduced area caused by fillets at the ends of the angle legs. The difference (~ 1%) is not significant.
This path, it turns out, is also THE critical path for this angle.