Formula that will count the # of rows that contain a specific text and a specific month?

Try this:

=SUMPRODUCT(--(C$2:C$1048576<>""),--(MONTH(C$2:C$1048576)=1),--(B2:B1048576="High"))

It's not a good idea, though, to use such large ranges with SP - can you make your ranges shorter?

Hope this helps.

Pete