it just returns the approximate number of days since a file was last modified.
time() gives you the current unix timestamp. (a value in seconds since the unix epoch [1/1/1970 12:00:00 am GMT])
filectime($filename) gives you the last modification time of a file as a unix timestamp.
subtracting the ctime from the time() will give you the number (in seconds) of how long ago it was modified. then dividing by 60 twice and then by 24 turns the seconds into days.