There are two contributions to the load factor: number of processes/threads on the ready-to-run queue and the number blocked on I/O. The processes blocked on I/O show up in the "D" state in ps and top and also contribute to this number.
This article entirely ignores the number of processes blocked on I/O. A load average exceeding the number of CPUs (cores, whatever) does not automatically mean the CPUs are overloaded.