What is Full-time Equivalent?

Legal Definition
Full-time equivalent (FTE) or whole time equivalent (WTE) is a unit that indicates the workload of an employed person (or student) in a way that makes workloads or class loads comparable across various contexts. FTE is often used to measure a worker's or student's involvement in a project, or to track cost reductions in an organization. An FTE of 1.0 is equivalent to a full-time worker or student, while an FTE of 0.5 signals half of a full work or school load.
-- Wikipedia
Legal Definition
The ratio of total paid hours during a period to the total of working hours in that period. (part time, full time, contracted) . Typically done for a Monday-to-Friday period covering part time, full time, contracted work.