Fred,
The ISO calibration for reflective meters equation is:
A^2/T = B*S/K
Where
A= aperture
T= shutter speed
B = luminance (297 Footlamberts)
S = film speed
K = constant factor (1.16)
For incident meters:
A^2/T = I*S/C
I = Incident light (7681 footcandles)
C = Constant (30)
(B*S/K) * pi = I*S/C
K (in footcandles) /C = average scene reflectance
1.16*pi / 30 = 0.121 or 12%
or
297*pi / 7681 = 0.121 or 12%
You can find more in three seminal papers:
Connelly, D, Calibration Levels of Films and Exposure Devices, Journal of Photographic Science, Vol 16, 1968.
Nelson, C.N., Safety Factors in Camera Exposures, Photographic Science and Engineering, vol. 4, no. 1, Jan-Feb 1960.
Stimson, Allen, An Interpretation of Current Exposure Meter Technology, Photographic Science and Engineering, Vol. 6, No. 1, Jan-Feb 1962.