A specialized processing block for a programmable logic device includes circuitry for performing multiplications and sums thereof, as well as circuitry for rounding the result. The rounding circuitry can selectably perform round-to-nearest and round-to-nearest-even operations. In addition, the bit position at which rounding occurs is preferably selectable. The specialized processing block preferably also includes saturation circuitry to prevent overflows and underflows, and the bit position at which saturation occurs also preferably is selectable. The selectability of both the rounding and saturation positions provides control of the output data word width. The rounding and saturation circuitry may be selectably located in different positions based on timing needs. Similarly, rounding may be speeded up using a look-ahead mode in which both rounded and unrounded results are computed in parallel, with the rounding logic selecting between those results.