Electromagnetic (EM or TEM) waves of all types have a polarization in a single plane. If you draw a sine function representing a wave, the plane of the polarization is the plane of the paper you draw it on. This can be electrical or magnetic, and in all EM waves, these are perpendicular to each other. FM Broadcast Band (and all other wavelengths) antennas, both transmitting and receiving, have a physical orientation which normally is the same as the electrical component of the EM wave. There are also magnetic dipole antennas. Mixed polarization can be produced by separate horizontal and vertical antennas, or an oddly twisted antenna designed to approximate circular polarization. There is also a CW and CCW sense to the circular polarization, depending on whether the vertical component lags or leads the horizontal component by 90 degrees. This can be done by phasing separate antennas, or from the sense of the twisting of the antenna, CW or CCW.
There's a lot more to it than this, but this is about as simple and explanation as you can do and cover most aspects of polarization. Light waves are also EM/TEM waves. When circularly polarized light waves hit a horizontal reflecting surface at the correct angle, only the horizontally polarized component is reflected. Polarized sunglasses cut out this polarization orientation, resulting in reduced reflection and glare.
The separate H and V ERP represent the relative AMPLITUDE or height of an EM wave of each polarization. The amplitude of the wave is proportional to the SQUARE ROOT of the ERP. For example if a station is 100 kW H and 25 kW V, the V amplitude would be half of the H amplitude. SQRT 25/SQRT 100=5/10=1/2, or ONE HALF. If H and V ERP are the same the H and V amplitudes are the same. For example, SQRT 50/SQRT 50=1.
Sorry if this is confusing, but it takes a little Sheldon and Leonard language to explain it.