I don't know Fortran, but my guess is that it is testing if NMOM is odd or even. First, rewrite with parens to simulate operator precedence:
IF(NMOM-((NMOM/2)*2).EQ.1)P0=-1
And if we are using integer math then (NMOM/2)*2 == NMOM if it's even else it will equal NMOM-1 if it's odd.