When a codec quotes a MCPS number it is for a specific hardware configuration.
Million Cycles Per Second. This parameter describes the performance of any software on a given processor. For example, when we say a codec takes 100 MCPS on a given processor, it means that it consumes 100 Million cycles of the processor every second. Reference
Also some video is encoded better by different codecs. Different video streams will have different performance characteristics based on the type of video encoded. There are codecs that encode anime very well and fast, but do horribly on DVD movies. There are many parameters to consider.
The best way to determine the performance a specific algorithm is to run it on the same hardware against the type of streams you think you will be encoding. you should do multiple runs with different video and average.
That said for a specific stream on a specific peice of hardware the math is relativly simple:
If it takes a 2.5Ghz processor 5 seconds to encode a file, the MCPS for that encoder is 2500/5 or 500 MCPS
There is also a peak MCPS number, where peak mcps can be defined as:
...Peak MCPS [quoted here] is the maximum average MCPS calculated over a sliding window of 4 pictures. The actual MCPS number may vary within a +/- 5% range.
Reference