A network device and a method for maintaining a count of network events in a network device are provided. A first memory is configured as a first counter, where the first counter is configured to store a least significant bit (LSb) portion of a count value. A second memory is configured as a second counter, where the second counter is configured to store a most significant bit (MSb) portion of the count value. Update circuitry is configured to (i) selectively increment or decrement the LSb portion of the count value stored in the first memory upon occurrence of an event, and (ii) selectively increment or decrement the MSb portion of the count value stored in the second memory upon occurrence of a wrap-around event in the first memory.