Recently, a polarimetric data reduction technique has been developed that in the presence of a time varying signals and noise free measurement process can achieve an error free reconstruction provided that the signal was band limited. Error free reconstruction for such a signal is not possible using conventional data reduction methods. The new approach provides insight for processing arbitrary modulation schemes in space, time, and wavelength. Theory predicts that a polarimeter that employs a spatio-temporal modulation scheme may be able to use the high temporal resolution of a spatially modulated device combined with the high spatial resolution of a temporally modulated system to attain greater combined resolution capabilities than either modulation on scheme can produce alone. A polarimeter that contains both spatial and temporal modulation can be constructed (for example) by placing a rotating retarder in front of a micropolarizer array (microgrid). This study develops theory and analysis for the rotating retarder microgrid polarimeter to show how the available bandwidth for each channel is affected by additional dimensions of modulation and demonstrates a working polarimeter with a simulation of Stokes parameters that are band limited in both space and time with a noisy measurement process.