A rigorous calculation of the intensity dependence of the photoreflectance (PR) amplitude is presented, and the derived relation is compared with published experimental results. The method utilizes a Taylor-series expansion to determine the change in reflectance in terms of the modulation of the surface electric field, and the Fourier-series technique is employed to explicitly develop the harmonic components of the photoreflectance amplitude for square-wave excitation. In particular, it is shown that if the photoreflectance amplitude depends upon the optical excitation intensity I as ln(\ensuremath{\gamma}I+1), which is normally the case experimentally, then the small-modulation PR signal should have a line shape proportional to the first derivative of the sample reflectance with respect to the surface electric field. In the high-field limit, the nature of the Franz-Keldysh oscillations is explained for both small- and large-modulation conditions, and the theoretical predictions are correlated with recent experimental data. Overall, this theoretical study of the photoreflectance effect clarifies certain issues regarding the connection between the observed intensity dependence of the PR amplitude and the PR line shape, and it also illustrates how the nature of the PR line shape changes as one moves from low- to high-field conditions, in both the small- and large-modulation limits.