A floating point execution unit is capable of selectively repurposing a subset of the significand bits in a floating point value for use as additional exponent bits to dynamically provide an extended range for floating point calculations. A significand field of a floating point operand may be considered to include first and second portions, with the first portion capable of being concatenated with the second portion to represent the significand for a floating point value, or, to provide an extended range, being concatenated with the exponent field of the floating point operand to represent the exponent for a floating point value.