It is well known that anthropic selection from a landscape with a flat prior distribution of cosmological constant Λ gives a reasonable fit to observation. However, a realistic model of the multiverse has a physical volume that diverges with time, and the predicted distribution of Λ depends on how the spacetime volume is regulated. We study a simple model of the multiverse with probabilities regulated by a scale-factor cutoff, and calculate the resulting distribution, considering both positive and negative values of Λ. The results are in good agreement with observation. In particular, the scalefactor cutoff strongly suppresses the probability for values of Λ that are more than about ten times the observed value. We also discuss several qualitative features of the scale-factor cutoff, including aspects of the distributions of the curvature parameter Ω and the primordial density contrast Q.