lbusy gives you the relative number of "logical" cpus busy. Since you are smt4 your have 96/4 virtual processors - 24 virtual (i.e. maximum physical processors at any moment).
Since your entitlement is 16 - the PHYP has reserved (declared as Home) two sockets of 8 cores each. The 8 extra virtual processors will run, ideally, on these home processors.
16 entitlement == 160 msec processing power every 10 msec guaranteed.
phsyc * 10 = # msec actually used (not processors!)
lbusy * 96 = average number of threads busy; if this number is nearly equal to physc, then you are running, mainly, single-threaded and you could easily reduce the number of VP assigned (to 'force' more utilization from a single processor (i.e., lbusy goes up faster than physc).
Hope this helps (I have to run to dinner
)