Certain types of exercise (specifically weight training and other non-aerobic exercise) can actually create glucose in the body by breaking down muscle tissue. When i weightlift heavily, I don't take in any extra carbs before exercising because of this.
Also, exercise or any kind of stress can cause the body to produce cortisol, which can also increase glucose levels.
Either way, though, an incrase of 100 to 122 really isn't anything to worry about, but a regular increase of 100 to something over 180 (for example) after exercise would imply you should probably consider what you're eating before exercise and whether you should take insulin (if you take insulin) beforehand.
Ginger