There are at least two ways to do it:
The first is the one others have mentioned here before me. I think it's the simplest and preferred way. You just to keep track of
Calculating the fps in this case is as simple as evaluating this formula:
Then there is the uber cool way you might like to use some day:
Let's say you have 'i' frames to consider. I'll use this notation: f[0], f[1],..., f[i-1] to describe how long it took to render frame 0, frame 1, ..., frame (i-1) respectively.
Example where i = 3
|f[0] |f[1] |f[2] |
+----------+-------------+-------+------> time
Then, mathematical definition of fps after i frames would be
(1) fps[i] = i / (f[0] + ... + f[i-1])
And the same formula but only considering i-1 frames.
(2) fps[i-1] = (i-1) / (f[0] + ... + f[i-2])
Now the trick here is to modify the right side of formula (1) in such a way that it will contain the right side of formula (2) and substitute it for it's left side.
Like so (you should see it more clearly if you write it on a paper):
fps[i] = i / (f[0] + ... + f[i-1])
= i / ((f[0] + ... + f[i-2]) + f[i-1])
= (i/(i-1)) / ((f[0] + ... + f[i-2])/(i-1) + f[i-1]/(i-1))
= (i/(i-1)) / (1/fps[i-1] + f[i-1]/(i-1))
= ...
= (i*fps[i-1]) / (f[i-1] * fps[i-1] + i - 1)
So according to this formula (my math deriving skill are a bit rusty though), to calculate the new fps you need to know the fps from the previous frame, the duration it took to render the last frame and the number of frames you've rendered.