A method, apparatus and program product for the dynamic reallocation of shared processing resources in a computing system is provided. The method/apparatus/program product attempts to allocate the shared processing resource among the two or more logical partitions in the computing system based on a current utilization of the shared processing resource among each of the two or more logical partitions and a current utilization of shared processing resource for the computing system as a whole. More specifically, the shared processing resource is reallocated from logical partitions having a relatively lower current utilization of their owned portion of the shared processing resource to logical partitions having a relatively high current utilization of their owned portion of the shared processing resource.