We derive an equation that describes the nonlinear operation of a Fabry-Perot resonator with a large group index waveguide. Specifically, a silicon photonic crystal microcavity with two-photon-excited free carrier nonlinearity and Kerr nonlinearity is assumed. The equation clearly explains the bistability of the device and the reduction of the required pump energy for a specific nonlinear phase shift at an appropriate phase detuning from the resonance. We present a simple procedure to predict the required optical pump energy for the modulation and the resulting modulation depth by use of the equation and the device parameters.