Many young researchers are confused about the impact factor of the journal or of their paper. If we publish ours in a 0 impact factor journal what will be its value for API?
But you have also a very good explanation on wikipedia :
http://en.wikipedia.org/wiki/Impact_factor
Wikipedia say :
"In a given year, the impact factor of a journal is the average number of citations received per paper published in that journal during the two preceding years.[1] For example, if a journal has an impact factor of 3 in 2008, then its papers published in 2006 and 2007 received 3 citations each on average in 2008. The 2008 impact factor of a journal would be calculated as follows:
A = the number of times articles published in 2006 and 2007 were cited by indexed journals during 2008.
B = the total number of "citable items" published by that journal in 2006 and 2007. ("Citable items" are usually articles, reviews, proceedings, or notes; not editorials or Letters-to-the-Editor.)
2008 impact factor = A/B. "
On Wikipedia you have also the criticisms about the use of impact factor, and it is something very important because the impact factor is not always the best criteria.
A lot of articles and discussions exist about impact factor. You can see it.
You have also an important statement on inapropriate use of impact factors here :
Impact factor of a journal is an index based on the frequency with which a journal's articles are cited in scientific publications. In any given year, the impact factor of a journal is the average number of citations received per paper published in that journal during the two preceding years. It is derived by dividing the number of citations in year 3 to all articles published in the journal during preceding years 1 and 2 by the number of citable articles published in that journal in years 1 and 2.