Card removal question

[SeanC]

Hey,

When calculating an OPP's range combinations, do you remove cards for any exposed cards, whether they are in your hand or on the board?

For example, the board is AK4. You hold AT. If you wanted to calculate his combinations of, let's say, AQ (suited or offsuit), would you remove 4 for both the card on the board and the card in your hand (leaving 8 combinations of AQ)? AK would be a removal of 12 combinations?

Thanks.