Hex time format

Question

I have a few hexadecimal values which contain time data. I've tried to figure out the format using different conversions (seconds, minutes, bitshifts and so on) but without success. How do I convert those hex values to hours and minutes?

HH:MM   HEX    DEC
00:03 = 006A = 106
08:44 = 4185 = 16773
11:00 = 5285 = 21125
12:23 = 5CE5 = 23781
12:29 = 5DA5 = 23973
13:13 = 6325 = 25381
14:04 = 6985 = 27013
15:40 = 7585 = 30085
16:31 = 7BE5 = 31717
18:23 = 89E5 = 35301
18:42 = 8C43 = 35907
18:51 = 8D65 = 36197
19:20 = 9105 = 37125
19:25 = 91A5 = 37285
19:36 = 930B = 37643
23:36 = B105 = 45317
23:39 = B165 = 45413

Answer 1

It would seem that if you shift the values right by 5 bits you get a time value in minutes.

The bottom bits seem to vary. I'm not sure what they mean.