No, assuming you are computing paths of execution.
If you are computing number of conditional paths, then yes.
Typically when you are calculating cyclomatic complexity you are doing the latter, so YES you should count the number of SIMPLE conditions in the function.
What I mean by simple conditions is that the above function is equivalent to:
float calc(float sp, Boolean bt, int r) {
float c = .060;
if ((sp > 300000))
if (bt)
c = .050;
if (r > 3)
c = c * .9;
return (sp * c);
}