Is encoding supposed to take this long?

I have Compressor 4.1 installed on my 2008 2x2.26 Ghz quad core intel xeon,with 16GB ram. I have submitted a 13 minute 1920 x 1080 video for encoding to vimeo. 33 minutes has passed and we're only about 33% of the way. It is using about 400 % cpu and according to activity monitor about 40% of the processing power available. Also qmaster d and multiple instances of Qmaster task services are showing up as red and not responding. The only way I can get this program to work at all is have all sharing turned off and unchecked number of instances. My frustration with Compressor continues!

Steve