Try:
$time1="14:30";
$time2="12:00";
list($time1h,$time1m)=split(":",$time1);
list($time2h,$time2m)=split(":",$time2);
$time1s=$time1h60+$time1m;
$time2s=$time2h60+$time2m;
$deltatime=$time1s-$time2s;
$deltatimestr=sprintf("%02d:%02d",floor(abs($deltatime)/60),abs($deltatime)-(floor(abs($deltatime)/60)*60));
Now $deltatime will hold the number of minutes between the times (with +/-) and $deltatimestr will hold it in format of "HH:MM" without +/-
//Nicke