The document studies how the tilt angle and incident polarization of light affects intensity modulation in a photo-elastic modulator (PEM) setup. It finds that the dc, 1ω, and 2ω detector signal components vary periodically with PEM tilt angle. While adjusting the tilt angle can null the 1ω or 2ω signals individually at small angles, it is not possible to null both simultaneously for light polarized parallel or perpendicular to the PEM's modulation direction. Minimizing the ac signals requires adjusting both the tilt angle and incident polarization. Analysis shows the intensity variations arise from interference of light reflecting within the PEM due to variations in its refractive index and thickness during modulation.