diff --git a/checkin_notes b/checkin_notes
index 5b13811dc1..86d67d005e 100644
--- a/checkin_notes
+++ b/checkin_notes
@@ -3266,3 +3266,12 @@ David  3 Jun 2011
     client/
         client_state.cpp
         cs_scheduler.cpp
+
+David  3 Jun 2011
+    - scheduler: app version FLOPS estimates were wrong
+        in the case where we don't have enough elapsed-time stats
+        for the host/app_version.
+        The right formula is (peak FLOPS)/app_version.avg_pfc
+
+    sched/
+        sched_version.cpp
diff --git a/sched/sched_version.cpp b/sched/sched_version.cpp
index 2ea792863c..62f61883ef 100644
--- a/sched/sched_version.cpp
+++ b/sched/sched_version.cpp
@@ -323,11 +323,11 @@ void estimate_flops(HOST_USAGE& hu, APP_VERSION& av) {
             );
         }
     } else {
-        if (av.pfc_scale) {
-            hu.projected_flops *= av.pfc_scale;
+        if (av.pfc.n > MIN_VERSION_SAMPLES) {
+            hu.projected_flops = hu.peak_flops/av.pfc.get_avg();
             if (config.debug_version_select) {
                 log_messages.printf(MSG_NORMAL,
-                    "[version] [AV#%d] (%s) adjusting projected flops based on PFC scale: %.2fG\n",
+                    "[version] [AV#%d] (%s) adjusting projected flops based on PFC avg: %.2fG\n",
                     av.id, av.plan_class, hu.projected_flops/1e9
                 );
             }