A ternary pulse width modulation (“PWM”) method and apparatus. In one embodiment, the start of the pulse sequence in the “current” frame is referenced to the end of the pulse sequence in a previous, “reference” frame, rather than to the frame boundary at the start of the current frame, thereby allowing the compensation portion of the pulse sequence to overlap into the preceding or following frame, thus achieving a higher modulation index without dropping the compensation pulses. Although in most instantiations, the reference frame will be the frame immediately preceding in time the current frame, in other instances, the reference frame may be any frame preceding the current frame that falls within the constraints of the timing facility.