Sameer has posted the second part of his series looking at refactoring with a spotlight on the Extract method.
The 'Extract Method' is one of the most common refactorings you will ever do. It is also one you will frequently see implemented on the Refactor tool menu on various IDE's. What this method basically does is to take a group of related code and convert it to a function with a appropriate name that easily explains the purpose of the code.
He gives a code example - converting hotel room price to points based on the currency its requested in - both with and without the Extract method in use.