A counter/timer circuit and method of generating timed output signals using the counter/timer circuit, uses multiple counters that are configurable to operate as one or more counters. The counters are controlled by control signals from a control logic circuitry of the counter/timer circuit, where at least some of the control signals are dependent on event signals generated by an event generation module of the counter/timer circuit. The generated event signals are based on at least one of: an input signal, an output signal, and a counter match, qualified by a state value associated with the counters.