Understanding Expiration

I see something curious that I don't quite understand and was hoping someone could shed some light on this.

For Windows clients I typically see something like this logged for each node

server\SystemState\NULL\System State\SystemState
processing statistics: examined 75587, deleted 75587,

When I look at q occupancy for the same node for systemstate I see...
Number of
Files
-----------
76,339

How does number of files relate to the number of objects as shown by expiration? On first glance this looks like we are expiring nearly 100% of the systemstate every day, but we have 35 day retention.

Thanks,
-Rowl