Blazars are known to show periods of quiescence followed by outbursts visible throughout the electromagnetic spectrum. We present a novel maximum likelihood approach to capturing this bimodal behavior by examining blazar radio variability in the flux-density domain. We separate quiescent and flaring components of a source's light curve by modeling its flux-density distribution as a series of "off" and "on" states. Our modeling allows us to extract information regarding the flaring ratio, duty cycle, and the modulation index in the "off"-state, in the "on"-state, as well as throughout the monitoring period of each blazar. We apply our method to a flux-density-limited subsample from the Owens Valley Radio observatory's 15 GHz blazar monitoring program, and explore differences in the variability characteristics between BL Lacs and FSRQs as well as between {gamma}-ray detected and non-detected sources. We find that: (1) BL Lacs are more variable and have relatively larger outbursts than the FSRQs; (2) unclassified blazar candidates in our sample show similar variability characteristics as the FSRQs; and (3) {gamma}-ray detected differ from the {gamma}-ray non-detected sources in all their variability properties, suggesting a link between the production of {gamma}-rays and the mechanism responsible for the radio variability. Finally, we fit distributions for blazar flaring ratios, duty cycles, and on- and off- modulation indices that can be used in population studies of variability-dependent blazar properties.