the idea is that you take the weighted average of:a) your equity when he calls and b) you equity when he folds. If you have negative equity for the times he calls a shove, you will need him to fold to break-even / be profitable. The stronger his hand, the more fold equity you need.

 In your particular case, i think you have positive equity when your shove gets called.

Some assumptions generally need to be made, so here are mine:

his calling range includes all pairs between 22-JJ and excludes QQ+(i believe these would have 4bai given his aggression level). I also included AsTs,AsJs, QsTs,QsJs,JsTs,Ts9s - but removed AQs (likely 4bet).

Your hand has about 43.5% equity against this range, which means that you have positive equity when he calls b/c of the dead money (when he calls, you are risking the $48 you have left to win $118, so you need 40% equity).

A more straight-forward case to look at is something like this:

You're playing NL100 and only have $12 in the SB. Everyone folds to you and you have A2o. You know that if you shove, he'll call with: 22+,A2+,K5s+,KT+,Q9s+,QT+,JT+ (~ 25%).

Against this range, you lose about $1.60 when he calls, but gain $1.50 when he doesn't. Since he folds 3/4 of the time, you're going to make about $0.73 every hand in the long run.

The trick is always knowing what to assume. For example, if you assume he calls a wider range above, then on balance you won't make as much from his folds, but you won't lose as much from his calls (since the hands he adds weakens his calling range vs. A2o). I think a formula is tough - when you change one variable, you impact the second. This is why people talk about ranges and assumptions to run simulations (the math is straightforward if you have the numbers and assumptions right).

ProPokerTools is a good site to use - it's where i got these numbers from.

I hope this is helpful...

Lewis