To the best of my knowledge, the numbers are the
approximate enlarging ratio. The exposure correction would be (old number / new number) ^ 2.
Another way to find the exposure correction for changes in magnification is the special ruler provided by Darkroom Automation
http://www.darkroomautomation.com/support/stopsruler.pdf.
The results of using the ruler are very accurate.
You simply use the ruler to measure the size of the image before and after the magnification change. The difference in measurements is the exposure correction in stops.
Example: the original size measures 5 with the ruler and the new size measures 3 -- the exposure change is required is 2 stops - or 4 times more exposure on the timer setting.
Charts of stops <-> seconds and a stops dial for GraLab and large Time-o-lite timers are also provided on the Darkroom Automation web site.
http://www.darkroomautomation.com/support/grastops.pdf
http://www.darkroomautomation.com/support/stopstable.pdf
An enlarging meter is another way to determine exposure correction.
The Darkroom Automation meter will read out the exposure correction directly - you can either adjust the timer by the given amount or adjust the lens aperture to compensate
http://www.darkroomautomation.com/em.htm. The meter will also determine base exposure, paper grade, dodges and burns, and is a precision projection densitometer.
Ilford makes a budget meter that allows compensation by adjusting the lens aperture.
http://www.bhphotovideo.com/c/product/24631-REG/Ilford_1470279_EM10_Exposure_Monitor.html