A method of applying common path credit in a static timing analysis in the presence of correlations between asserted arrival times, comprising the steps of using a computer, identifying one or more pairs of asserted arrival times for which one or more correlations exist; propagating to each of the one or more pairs of asserted arrival times a timing value dependent on the one or more correlations; and performing a subsequent common path pessimism removal analysis for at least one test during which a timing value dependent on the one or more correlations between asserted arrival times is used to compute an adjusted test slack.