diff --git a/IPython/core/formatters.py b/IPython/core/formatters.py
index e61e54b..f537221 100644
--- a/IPython/core/formatters.py
+++ b/IPython/core/formatters.py
@@ -133,11 +133,10 @@ class DisplayFormatter(Configurable):
         format_dict = {}
 
         for format_type, formatter in self.formatters.items():
-            if format_type not in include:
+            if include and format_type not in include:
+                continue
+            if exclude and format_type in exclude:
                 continue
-            if exclude is not None:
-                if format_type in exclude:
-                    continue
             try:
                 data = formatter(obj)
             except: