ImageMagick tries to use all available cores. This causes a significant waste of resources due to process switching when running inside LVE with a number of available cores is less than the number of total cores on the server.
To fix the issue, limit the number of threads to the available processors to 1. This can be done by editing config.xml & policy.xml files:
/usr/local/lib/ImageMagick-[version]/config/policy.xml
/usr/local/lib/ImageMagick-[version]/config/config.xml
Setting:
<policy domain="resource" name="thread" value="1"/>