We investigate the dynamics of strongly coupled surface plasmon polaritons (SPP) and molecular excitations (ME) of Sulforhodamine 101 dye. The SPPs are excited by prism coupling technique on a thin silver film with dye molecules embedded in a polymer layer on top of it. Rabi splittings with energies of 135 and 97 meV are observed in the recorded dispersion relations. Both coupled oscillator model and transfer matrix method are used to fit the experimental results. In addition to the common reflectance measurements, polarization resolved detection of scattered signal from the molecular side is also utilized. Simultaneous detection of the scattered polaritons and molecular fluorescence reveals the coexistence of the hybrid modes and pure ME. Dependency of the fluorescence on the excited modes suggests that the hybrid polariton modes decay via dephasing and internal relaxation of the molecules.