CONFIG_LOCAL_TIMERS is not available for thedefaultarchitecture x86.
Result is shown for architecture arm

Use local timer interrupts

modulename: localtimer.ko

and/or

timer-mpu.ko

configname: CONFIG_LOCAL_TIMERS

Linux Kernel Configuration
└─>Kernel Features
└─>Use local timer interrupts
In linux kernel since version 2.6.15 (release Date: 2006-01-02)  
Enable support for local timers on SMP platforms, rather then the
legacy IPI broadcast method. Local timers allows the system
accounting to be spread across the timer interval, preventing a
"thundering herd" at every timer tick.

source code: