If I understand how it works correctly, the answer is yes & no - Those restricted still become part of the O/S when talking about raw numbers, but they are a "non-issue" as far as PPS goes (yes, I know that I'm simplifying this & thre are a number of intangible factors involved as well) during their restricted period since they aren't free-trading on the public market.
Remember that if there is a buy-out or something like that even while they are restricted - The company doing the buying still has to buy the restricted shares too, which divides a cash buy-out price by ALL the shares in the O/S.
Remember - This is all explained using my personal understanding of the market, and I am no professional! If anyone knows of any error in my logic, please feel free to correct me!
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