Date format

I have this code in a field and i want to output formated date from it, how can I do that?

  [field_time] => Array
        (
            [0] => Array
                (
                    [value] => 1999-05-22T00:00:00
                    [timezone] => Europe/Budapest
                    [timezone_db] => Europe/Budapest
                    [date_type] => date
                )

        )