Multiply the mining-diversity parameter by the number of addresses with mine permissions. Then round up to the nearest integer.
This is the minimum number of miners that need to be active mining in order to generate a valid chain.
So mining-diversity=1.0 means a pure round-robin scheme where every miner takes their turn and no one can be skipped. And mining-diversity=0.0 means any miner can mine at any time. And values in the middle are... in the middle.
The point is to balance the risk of miner malicious collusion against the risk of miner technical malfunction. A value above 0.5 is strongly recommended for production networks.