Warning, always convert your colors to from sRGB to Linear RGB before doing any math on them, then convert them back to sRGB afterwards for displaying them.
sRGB is the familiar color space you all know and love, it's what your display uses, and it's what has those RGB numbers between 0 and 255. But it's not a linear color space.
First think of values as being between 0 and 1 instead of 0 and 255. To change sRGB to Linear, do X^2.2 (close to squaring the value). To change Linear back to sRGB, do X^(1/2.2) (close to a square root).
In Linear RGB, a value of 0.5 is halfway between black and white. You can put a stripe or checkerboard pattern next to the color value, and it will appear to be the same brightness. But in sRGB, a value of 0.5 is much darker. Linear RGB of 0.5 is roughly equivalent to sRGB of 0.73.
The actual method of conversion involves a complicated curve that isn't continuous, using X^2.2 is still an approximation.