C1 does backedge profiling incorrectly

While looking into an issue with a Graal bailout because the OSR entry point appeared to be unreachable I noticed that when C1 profiles if bytecodes it increments the backedge counter on every execution of the if instead of just on the backedge. For a simple loop like this:

public class dowhile {
    public static void main(String[] args) {
        for (int i = 0; i < 10000000; i++) {
            testDoWhile();
        }
    }
    public static volatile boolean repeatLoop;
    static volatile int sideEffect;

    public static void testDoWhile() {
        do {
            sideEffect++;
        } while (repeatLoop);
    }
}

HotSpot ends up requesting an OSR compile:

<task_queued compile_id='16' compile_kind='osr' method='dowhile testDoWhile ()V' bytes='15' count='224300' backedge_count='163840' iicount='224300' osr_bci='0' level='4' stamp='0.576' comment='tiered' hot_count='163840'/>