The National Governors' Association is urging states to develop a standardized cohort graduation rate definition and to develop data systems with quality data that can in turn be used to produce a reliable indicator. This paper is an examination of one state's graduation rate using the cohort method. The statistics generated are compared to a panel based graduation rate, the Average Freshmen Graduation Rate (AFGR) produced by the National Center for Education Statistics and the Cumulative Promotion Index (CPI) published in Education Week. The cohort, panel and AFGR methods generated similar results across all years while the CPI produced a lower rate for two of four years examined. The CPI appears to be more susceptible to population fluctuations than those that use four years of data. (Contains 4 tables and 2 figures.)