The sustaining fiber (SF) stage of the crayfish visual system converts analog stimulus representations to spike train signals. A recent theory quantifies a system's information processing capabilities and relates to statistical signal processing. To analyze SF responses to light stimuli, we extend a wavelet-based algorithm for separating analog input signals and spike output waveforms in composite intracellular recordings. We also present a time-varying RC circuit model to capture nonstationary membrane noise spectral characteristics. In our SF analysis, information transfer ratios are generally on the order of 10-4. The SF information processing dynamics show transient peaks followed by decay to steady-state values. A simple theoretical spike generator is analyzed analytically and shows general dynamic and steady-state properties similar to SFs. The information transfer ratios increase with spike rate and dynamic properties are due to direct spike generator dependence on input changes.