Regarding the date you provided, one of those two format should work.
With seconds:
"%m/%d/%Y %I:%M:%S %p"
Without seconds:
"%m/%d/%Y %I:%M %p"
Read more about the strptime format behaviour here: Datetime documentation
It's well explained with samples of what it will parse.
For instance if column 1, row 1 was "1/21/2014 10:51 AM" and column 2, row 1 was "9/4/2012 2:56:29 AM". Then the final output should be "504.33".
According to this:
date0 = datetime.datetime.strptime(d0, "%m/%d/%Y %I:%M:%S %p")
date1 = datetime.datetime.strptime(d1, "%m/%d/%Y %I:%M %p")
delta = date0 - date1
return delta.days + (delta.seconds / 86400.0) # 60 seconds in 60 minutes in 24 hours