The latter. I'd have to sit and tally it up. It's possible that I'm slightly low in my estimate but not by a tremendous amount. I realize that that's only a couple of days a year. I'm not including getting sick in that swag.
Typically I'd work for somewhere for 5 years and then pocket the vacation when I left. There might be a single week (or two) off and a handful of Fridays off in that time.
I'll tell you when the non-vacation time comes up is when you become a FT contractor. If the money flows, you row.