Method and apparatus for scheduling multiple threads for execution in a shared microprocessor pipeline

An apparatus and method for scheduling execution of multiple threads on a shared processor resource is described in connection with a multithreaded multiprocessor chip. Using a thread selection policy that switches between available threads every cycle to give priority to the least recently executed or scheduled threads, different threads are able to operate in a way that ensures no deadlocks or livelocks while maximizing aggregate performance and fairness between threads. Prioritization is accomplished by monitoring and sorting thread status information for each thread, including speculative states in which a thread may be speculatively scheduled, thereby improving usage of the execution pipeline by switching a thread in with a lower priority.