OK.. I just played with some numbers and I'm fairly sure it is..
fps = TicksPerSecond / ( CurrentTime - LastTime )
Becuase if TicksPerSecond = 1000, LastTime = 12000 and CurrentTime = 13000
1000 / ( 13000 - 12000 = 1000 ) = 1
If the frame takes 1000 Ticks, then we are running at 1 frame per second.
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