Instrumental measures of speech intelligibility typically produce an index between 0 and 1 that is monotonically related to listening test scores. As such, these measures are dimensionless and do not represent physical quantities. In this paper, we propose a new instrumental intelligibility metric that describes speech intelligibility using bits per second. The proposed metric builds upon an existing intelligibility metric that was motivated by information theory. Our main contribution is that we use a statistical model of speech communication that accounts for noise inherent in the speech production process. Experiments show that the proposed metric performs at least as well as existing state-of-the-art intelligibility metrics.