I read only the darkest shadow and the brightest highlight, but not specular highlights such as sun on water, to determine the contrast range of the subject. I always expose for the shadows, placed on Zone IV or reduce exposure by one stop from the metered reading for those who do not use the Zone System, to ensure that I have information on the negative so that I can print it if I choose to. Depending on the contrast range and where the highlight will fall after choosing to expose for the shadows I adjust my development accordingly. For example, if there are 6 stops of contrast in the scene and I placed the shadow on to Zone IV the highlight would fall on Zone X, paper base white, which is unacceptable so I reduce development by 2 stops to bring the highlight back to Zone VIII. I would also increase exposure by 1/2 stop to compensate for reduced development. If the same scene had only 3 to 4 stops of contrast I would expose and develop normally. The old addage, expose for the shadows and develop for the highlights is my first and most important rule. Those who advocate bracketing are certain to get the correct exposure but if the contrast range is high or low they will not give the correct development and therefore still not produce the optimum negative. In my view bracketting the hell out of it only completes half the job.