How do you find moment of inertia of two point masses?

You sum each point each point mass's which can be calculated by the image below.

For instance, if I had to masses at the end of lets say a massless rod of length ##l## as you can see below. The moment of inertia for the system would be each mass's moment of inertia.

##I_system=m_1*(l/2)^2+m_2*(l/2)^2##

Each mass is a distance ##l/2## from the axis of rotation...and that is ##r##; how far is the object away from the point which it is spinning around!