Hyper-V Server 2012 + Windows Server 2012 Std (Licensing and VMs)

Hi,

I am confused about the licensing options with the Windows Server 2012 Std 2CPU/2VM

What I understand is that if I install the OS as a host, I will be able to install the same license for 2 virtual machines of Windows Server 2012.

But now what happens if I use Hyper-V Server 2012 as a host OS? Will I be able to install 3 virtual instances of Windows Server 2012 with one license?

If not, I would rather install Windows Server 2012 as a host and gain better VM management since the host would only run Hyper-V under my setup.

Thank you,

David