120 seconds / 60 would be equal to 2 with 0 remainder
or
121 seconds / 60 would be equal to 2.01666667 or 2 and 1 remainder
What that script does is tell you how many seconds you should display on a clock i.e. if the time was 2 seconds you'd display 2 seconds, if the time was 62 seconds you'd display 2 seconds as well.
The minutes part of the script is pretty straight forward, there are 60 seconds in a minute...
EDIT:
Similarly for days and hours, if you know how many seconds there are in an hour (3,600) and how many seconds in a day (86,400) You can calculate those using the same formula.