Allocation of processor resources in an emulated computing environment

In an emulated computing environment, a method is provided for allocating resources of the host computer system among multiple virtual machines resident on the host computer system. On the basis of the proportional weight of each virtual machine, a proportional share of resources is allocated for each virtual machine. If, for a particular virtual machine, the calculated share is less than a reserved minimum share, the virtual machine is allocated its reserved minimum share as its share of processor resources. An emulation program modulates the access of each virtual machine to the resources of the host computer system.