Here it is:
Four categories are used as a basis for compiling a rating:
• Percentage of completions per attempt
• Average yards gained per attempt
• Percentage of touchdown passes per attempt
• Percentage of interceptions per attempt
Remember that the statistic presented here measures passers, not quarterbacks - it does not quantify leadership, play calling, tenacity, or any of the other attributes of a great quarterback.
There are four individual steps in making the calculation - here is the math for each step:
Step 1: Start with completion percentage. Subtract 30 and
divide by 20.
Step 2: Yards per attempt. Subtract 3 and divide by 4.
Step 3: Touchdown passes divided by pass attempts and multiply by 20.
Alternatively, divide the touchdown percentage by 5.
Step 4: Start with 2.375. Subtract from that the interception percentage
(interceptions divided by pass attempts) divided by 4.
(Note: Sum of each step cannot be greater than 2.375 or less than 0.)
Add the sum of 1-4, multiply by 100 and divide by 6.
http://www.baseball-statistics.com/Greats/Century/passer-rating.htm