That's just shorthand for saying "They get it every other level." They don't actually get fractional points of the pool.
So no, you don't do fractional math to figure out the amount.
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So when getting fractions that go to the same pool of points do the fractions add? I know it seems like a silly question, but there is a difference between getting 1 every 4 levels and 1 every 2 levels and just getting 3/4 of a point per level.
Example: If I have a Human Magus that is using the human favored class option. I get 1/2 a point per level from magus and a bonus 1/4 of a point from the favored class option (this is out of the advanced races book). What is the arcane pool progression?
Reference:
At 1st level, the magus gains a reservoir of mystical arcane energy that he can draw upon to fuel his powers and enhance his weapon. This arcane pool has a number of points equal to 1/2 his magus level (minimum 1) + his Intelligence modifier. The pool refreshes once per day when the magus prepares his spells.
There's a slight difference between the two. The magus ability says your arcane pool is EQUAL to 1/2 your magus level (always rounded down) + your Int mod.
In contrast, the human magus favored class option says "add 1/4 of an arcane point"Because the 1/2 magus level is a rounded number, (not 1/2 of a point but points equal to 1/2 your level), you don't get to add an arcane point from the favored class bonus when you hit, for example, 3rd level (1/2 magus level = 1 + 3/4 of a point = total of 1 3/4, still rounded down to 1. You have to wait til 4th level, when you finally hit 4/4 of an additional point.
Some of these alternate class rewards only add +1/2, +1/3,
+1/4, or +1/6 on a roll (rather than +1) each time the reward
is selected. When applying this type of result to a die roll,
always round down (minimum 0). For example, a half-orc
with gunslinger as her favored class adds a +1/4 bonus on
attack rolls and a +1/2 bonus on damage rolls when using
the pistol whip deed each time she selects that favored
class bonus, though this means the net effect is +0 on each
after selecting it once (because both +1/4 and +1/2 rounds
down to 0). After 20 levels, this benef it gives the half-orc a
+5 bonus on attack rolls and a +10 bonus on damage rolls
when using the pistol whip deed (in addition to the base
value from being a 20th-level gunslinger).
You're always rounding down the favored class option's bonus.
Further, there is no concept in the game of fractions except for favored class options, where they are specifically detail how they work.