No, all of the exp goes to the living members, dead members get zero. The exp shown is the amount each member gets. I had one living member on a boss and it showed 8800 exp but when I beat the boss again with four living members it showed 2200 exp.
While I'm at it, has anyone else run into a few NPC's you couldn't talk to because something (like a bar and stools) is blocking your way?