For AM (amplitude modulation) signals, it is the ratio (x100 of course) of the modulating signal to the carrier signal. presumably FM calculations follow a similar course.
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Is important to use as high a percentage modulation as possible while ensuring that overmodulation does not occur. The side bands contain the information and have maximum power at 100% modulation. And AM transmiters attempt to maintain betwen 90 and 95 percent modulation as a compromise between efficiency and the change of drifting into into overmodulation. sources page 76 second paragraph of the MODERN ELECTRONIC COMUNICATION By Jeffrey S.Beasley and Gary M.Miller
On base percentage plus slugging percentage
30.10 into percentage = 3010%30.10 * 100% = 3010%
99
so stuid