time: Move common updates to a function

This is a backport of cc06268c6a87db156af2daed6e96a936b955cc82

[John Stultz: While not a bugfix itself, it allows following fixes
 to backport in a more straightforward manner.]

CC: Thomas Gleixner <tglx@linutronix.de>
CC: Eric Dumazet <eric.dumazet@gmail.com>
CC: Richard Cochran <richardcochran@gmail.com>
Signed-off-by: Thomas Gleixner <tglx@linutronix.de>
Cc: Prarit Bhargava <prarit@redhat.com>
Cc: Thomas Gleixner <tglx@linutronix.de>
Cc: Linux Kernel <linux-kernel@vger.kernel.org>
Signed-off-by: John Stultz <john.stultz@linaro.org>
Signed-off-by: Ben Hutchings <ben@decadent.org.uk>