The gain and refractive index dynamics of dilute nitride antimonide semiconductor optical amplifiers are studied using heterodyne pump probe spectroscopy, both in forward and reverse bias regimes. In the forward biased absorption regime, both gain and refractive index relax on the same timescale indicating that both quantities are linked to the same relaxation process, interband recombination. Above transparency, in the forward biased gain regime, the gain and phase exhibit differing timescales resulting in a dynamical alpha factor that varies strongly with time. Reversed bias measurements suggest a recombination dominated absorption recovery where the recovery timescale increases with increasing reversed bias, possibly due to charge separation effects.