How do I calculate my times? Normally I do it at least 2x faster sometimes 2.5. :) I'd love to speed hike the Alps or Nepal anybody for a go :)
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Here are some of "My" measures. These I do only for personal purposes and these are mostly my way of improving my performance.
Week long/weekend hikes:
I calculate the time from the start of the hike to the end of the hike for that day. I do not calculate speed as the distance you cover during a hike might not be in accordance with a map(I do not use gps to track my trails. I make a mental note of the surrounding for that. Also, I tried measuring my speed once and ended up feeling terrible about my mathematical skills!) I do discount an hour or two for the rest I might have taken. For week long hikes, I just add up the hours I took on each day and try to get a rough measure of the time taken vs the time recommended by various forums/friends for the hike.
On peak climbs:
Always from base camp to the summit and back to the basecamp. I have done quite a few low altitude peaks (non himalayan, mostly tropical forest topology) and the way I track it is not based on what time I might have taken to the basecamp, but from the basecamp to the summit and back. Again, I discount an hour or two based on what I feel is right. Most of the times the time you take to get to the basecamp might be in terms of days whereas the climb in itself might be a day or two. Hence, for me, if a hike culminates in a climb to a summit, I categorize it as a summit climb and discount the hike I might have done.
And no, I do not track my times to the last millisecond as I don't feel the need for it. I use an old GShock which has tolerated my negligent mind and has agreed to stick with me till death takes us apart :P :D