threads are measured at the ouside of the male side. Details here:
There are many cases where accurate measuring of a diameter or a thread is necessary. Most equipment today has been standardize, but older equipment and niche items require accurate measurements. This page provides some guiding information for measuring threads. Metric and Imperial Threads...
but its not clear if the spec you have is about the threads, or it might be for a different set of threads (usually flange threads) It looks like you are measuring something that isn't for the mounting flange?