Hi Bobjoe,
As BM said it is possible to have less extraction holes compared to "graft" numbers. What is important here is what the definition of a graft is, some doctors deal in grafts, other follicular units and others hairs, so there can be a wide range of answers, and for that matter hair numbers; and hair numbers fundamentally make a result.
A follicular unit can be made up of 1-4 hairs normally and they grow in little bunches and normally this is considered a "graft" when removed from the scalp with the FUE punch and then placed back into the head in the same state. With FUE much relies on the size of the punch tool, obviously the larger the diameter of the punch the more chance there is of taking more hairs in a graft, for example you may take an intact follicular (for example a 4 hair FU) unit but also an adjacent unit in full or partially, (for example another 2 hairs from a 4 hair FU), so in total that punch has taken 6 hairs in one graft. This could potentially mean less punches but the trauma to the scalp can be much higher, potential for more visible scarring, transection of follicular units and trauma to the surrounding hair causing miniaturisation.
In it's purest forum FUE is about taking a single intact follicular unit, be it 1,2,3 or 4 hairs within the unit, and not overlapping to take more hairs per graft; this can be quicker to perform but is not always in the best interests of donor management and can leave a very uneven pattern of growth in the donor making it harder to go back into and harvest more at a later date. Also it could mean you end up paying more for less hair than your donor could have given if the follicular units were taken individually, especially if you are paying per graft and the average number of hairs drops below the average number you have in your donor.