1. An information handling system comprising: one or more processors; a memory coupled to at least one of the processors; computational logic included in at least one of the processors in order to perform actions of: selecting a thread from a plurality of active threads on a processor; selecting a weighting value according to a thread state of the selected thread and a simultaneous multithreading mode of the information handling system; determining whether one of the plurality of threads is dispatching an instruction; in response to determining that one of the plurality of threads is dispatching an instruction, computing a dispatch weighting value using the selected weighting value and a dispatch factor, wherein the dispatch factor indicates a weighting adjustment of the selected weighting value; and computing a resource utilization value of the selected thread using the computed dispatch weighting value.