Divide the distance from the throat of the nock to the balance point by total shaft length (from the throat of the nock to back of point, not including point). Subtract .5 from that number and multiply by 100. Works every time. There is some uncertainty though as to whether the length of the point should be incorporated into arrow length.
In times past, most arrows had an FOC of about 10%, give or take a percent or two because that's what a 125-135 grain head, which was a pretty common weight, would yield on a wood shaft. It's difficult to get much more than 15% FOC on wood unless you go to a tapered and footed shaft and a fairly heavy head, i.e., 190 or so grains. It's much easier to front load carbons to 20-25% FOC. I believe Ashby's research defines high FOC as 15-19% and extreme as 20% and more. A well tuned, straight flying arrow is very important to get the full benefit out of a high FOC or any other arrow.