http://www.psc.edu/general/software/.../ieee/ieee.php
You subtract the offset from the exponent. A stored exponent of 128 say would map to a real exponent of 1. So fractions ultimately end up with negative real exponents (0.5 = 1 * 2^-1)
If you're able to extract the sign, exponent and mantissa bits, then the rest should be pretty easy. There is nothing irregular about fractions except for the magnitude of the exponent.
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