We have designed, fabricated, and characterized GaAs-AlGaAs (lambda(0) = 864 mn) asymmetric Fabry-Perot modulators with approximate to 37 GHz modulation frequency response, comparable to the fastest waveguide modulators, The modulation response saturates at high optical powers due to saturation of the excitonic absorption and heating effects, but the frequency response is independent of the incident optical intensity, since it depends only on the RC time constant, and not on the carrier transit time, The device design takes advantage of the fact that the quantum-confined Stark effect is more pronounced at some distance from the absorption edge to achieve a modulator with greater than or equal to 20 dB contrast and approximate to 3 dB insertion loss for +/-2 V operating voltage, but only 21 fF capacitance, The DC bias used to move the operating point off the absorption edge has the additional benefits of improving the linearity and chirp of the device, as well as the saturation intensity, Here we present measurements of the modulation and photocurrent responses of the modulators, calculate the RC and transit times for the device, analyze the saturation mechanisms, and discuss the linearity and chirp of the device from the perspective of a high-speed digital optical communications system.