The fare class calculation is somewhat incomplete without counting the EQMs if you're pursuing status. CO lists EWR-FRA as 3,869 EQMs. M earns 100% EQMs and H earns 150% EQMs (plus one additional EQP if you're qualifying on segments).

So for an H fare on this route you can earn an additional 1,934 EQMs for the extra $61 quoted. That translates into 3.2c/eqm.

It's then up to the OP to decide whether he's looking for more EQMs this year and whether this is a good value to him given the remainder of his travel patterns and opportunity cost.

Of course this all also presumes the availability of a BF mileage upgrade.