Not sure if this you, but this user has a similiar problem... Almost similar numbers.
how to fix this problem causing cpu exceeded error? - bluehostforum.com
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I don't think you'll be able to completely remove these log entries. Generally, it sounds like it keeps track of all the extra cpu time taken to run php scripts, and if your doing something excessive, it will auto suspend your site for a few minutes to keep load low. This is extremely common on shared hosting. And depending on how many other sites share the same server, there might not be much you can do.
You mentioned you were using the phpthumb plugin for Wordpress, if you deactive this plugin, are the logs still generated? Maybe there might be a newer version of that plugin? Any other plugins installed?
The numbers you posted aren't outrageous. On a normal server by itself, those would be considered low. But on a shared server, they will throttle your site down to keep resources for everyone so unless it's negatively affecting your site, you can probably ignore.
Or switch hosts.