Described are various embodiments of a device and method for computing statistics of various network monitoring metrics. In one embodiment, the method includes constructing a first histogram of network traffic monitoring data acquired over a designated sampling period from said network; identifying one or more bins of said first histogram comprising each at least one of one or more desired percentile values; for each identified bin: building a second histogram centered on said identified bin, said second histogram comprising a second bin size that is smaller than said first bin size; calculating one or more bins of said second histogram comprising each at least one of said one or more desired percentile values and the values associated therewith; and converting said values associated therewith into percentile values representative of the range defined between said lower order of magnitude to said higher order of magnitude.