A method, comprising: receiving a plurality of input images in an input video signal of a wide dynamic range; determining, based on a specific input image in the plurality of input images, a specific setting of global light modulation for rendering an output image on a display screen, the specific setting of global light modulation producing a specific dynamic range window (208-1, 208-2), an output luminance level range represented by the specific dynamic range window (208-1, 208-2) being a proper subset of a luminance level range represented by the wide dynamic range; dividing the specific dynamic range window (208-1, 208-2) into one or more portions of the specific dynamic range window reserved for perceptual preservation and into one or more portions of the specific dynamic range window reserved for display management by clipping and compression of luminance levels; converting a plurality of input code values in the specific input image to a plurality of output code values in a specific output image corresponding to the specific input image, the plurality of output code values producing the same or substantially the same luminance levels as the luminance levels represented by the plurality of input code values, and the luminance values corresponding to the plurality of output code values being within one of the one or more portions of the specific dynamic range window reserved for perceptual preservation; and converting one or more remaining input code values (210-1, 210-2) in the specific input image to one or more output code values in the specific output image, the one or more output code values producing a compressed arrangement of luminance levels as compared to the luminance levels represented by the one or more input code values (210-1, 210-2), and the luminance values corresponding to the one or more output code values being within one of the one or more portions of the specific dynamic range window reserved for luminance compression. receiving a plurality of input images in an input video signal of a wide dynamic range; determining, based on a specific input image in the plurality of input images, a specific setting of global light modulation for rendering an output image on a display screen, the specific setting of global light modulation producing a specific dynamic range window (208-1, 208-2), an output luminance level range represented by the specific dynamic range window (208-1, 208-2) being a proper subset of a luminance level range represented by the wide dynamic range; dividing the specific dynamic range window (208-1, 208-2) into one or more portions of the specific dynamic range window reserved for perceptual preservation and into one or more portions of the specific dynamic range window reserved for display management by clipping and compression of luminance levels; converting a plurality of input code values in the specific input image to a plurality of output code values in a specific output image corresponding to the specific input image, the plurality of output code values producing the same or substantially the same luminance levels as the luminance levels represented by the plurality of input code values, and the luminance values corresponding to the plurality of output code values being within one of the one or more portions of the specific dynamic range window reserved for perceptual preservation; and converting one or more remaining input code values (210-1, 210-2) in the specific input image to one or more output code values in the specific output image, the one or more output code values producing a compressed arrangement of luminance levels as compared to the luminance levels represented by the one or more input code values (210-1, 210-2), and the luminance values corresponding to the one or more output code values being within one of the one or more portions of the specific dynamic range window reserved for luminance compression.