How is Experience shared among a group?

[Mystogan]

I was in a group the other night, and another player and I starting talking about exp distribution in a group. It left me with an awareness that I am not sure how this works.

Here is how I have always understood it. Please note, this is done with simple numbers for showing concept. I more want to understand it, than do the math for all the decimal places.

I have a player with 0 modifier, a human cleric. I need 100 exp to level. I kill a mob that grants 10, I get 10. I have a -40% player, like a bard. Same level as the cleric. I need 140 exp to level (is this right?). I kill a mob that grants 10 exp, I get 10 exp. The bard needs to kill 14 mobs where the cleric only needs to kill 10 for each to level.

Now the two group. Again, I kill a mob that grants 10 exp. We each get 5 exp (exp/#ofplayers) (is this right?). The cleric will level before the bard because of his modifier.

This has always been my understanding of how grouping works. Do I have the right of it, or have I misunderstood the concept?