COP = Heating Rate (Btu/hr)
          -----------------------------
          Electric Energy Consumption Rate (kW) * 3412  Btu/hr
                                                                                     --------
                                                                                     kW

That's a bit hard to read correctly without more verbiage.

The COP is the ratio of there energy out (as heat per hour) divided by the energy in (in kilowatts). One kilowatt==3412BTU/hour, but you could convert the kW to BTU/hr if you like, the ratio is the same.

So for a COP of 3.0 it means you're getting 3x as much energy out as you're putting into the compressor, a COP of 4.0 is a 4x multiplier, etc. In any given unit or system it's not a constant- it will vary by the operating temperature of both the input & output coils, the type of working fluids, etc. There are usually tables or graphs in the manufacturer's documentation indicating the COP under a variety of operating conditions.

It's not a single simple formula, but there are ample web-sources detailing how to determine the theoretical COP of an "ideal" system under various conditions. (Unless you're designing compressors & systems using a variety of refrigerants & coils you probably don't care. Designing around a single manufacturer's system & component guidelines you'd never need to crunch real math.)

COP does not include other pumping or blower power being used in the system, only the compressor power.

And one more clarification about operating temperatures....there are low temperature water applications and high(er) temperature water applications. For example, with my favorite system, if you are heating with slab radiant, the temperatures can be very low - down around 90F or less, but if you are using even "low" temperature radiators, you might need an operating temperature up around 120F. Going to fan coils (for forced air) gets you sort of in the middle. Efficiency (COP) generally goes down as you get the final temperature higher.

clear as mud....

A COP of 3 is typical in my experience. You can get higher COP's by running lower temps in heating mode or higher temps in cooling mode. Minimize the difference in load and supply loop temps and your efficiency goes up.