Since the value of the restricted stock is considered compensation, it is included in your wage income on your W-2 form, and is taxed at ordinary tax rates. If you sold the stock when you acquired it, there would be little if any capital gain, since the value of the stock was reported as ordinary income and you sold it for that value.
If you held the stock and it appreciated, the gain on that appreciation would be considered a capital gain and taxed at capital gain tax rates if you held it for more than a year.
The the value of the stock that the company withheld was used to pay your payroll taxes and some of it was credited to your tax withheld as reported on your W-2 form, just as if you had been paid a wage.
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