diff --git a/doc/components/fair-share.rst b/doc/components/fair-share.rst
new file mode 100644
index 00000000..0d82a0bf
--- /dev/null
+++ b/doc/components/fair-share.rst
@@ -0,0 +1,396 @@
+.. _fair-share:
+
+######################
+Fair-Share Calculation
+######################
+
+This document outlines how fair-share is calculated for a hierarchy of banks
+and users in a flux-accounting database.
+
+********
+Overview
+********
+
+Fair-share is a metric used to ensure equitable resource allocation among
+associations within a shared system. It represents the ratio between the amount
+of resources an association is allocated versus the amount actually consumed.
+
+The fair-share value influences an association's priority when submitting jobs
+to the system, adjusting dynamically to reflect current usage compared to
+allocated shares. High consumption relative to allocation can decrease an
+association's fair-share value, reducing their priority for future resource
+allocation, thereby promoting balanced usage across all associations to
+maintain system fairness and efficiency.
+
+Fair-share values range between 0 and 1, with values closer to 1 indicating
+low prior usage relative to allocated resources. Associations are granted an
+initial fair-share value of 0.5 when they are first added to the
+flux-accounting database.
+
+flux-accounting dynamically adjusts fair-share as resources are consumed.
+Historical job usage diminishes in signficance over time, ensuring that
+short-term heavy usage does not permanently impact an association's fair-share.
+
+***********************
+Weighted Tree Structure
+***********************
+
+The hierarchy of banks and users in the flux-accounting database can be
+described in a hierarchical weighted tree structure. Below is an example
+structure:
+
+.. code-block:: text
+
+    root
+    ├── A
+    │   ├── user1
+    │   └── user2
+    ├── B
+    │   ├── user3
+    │   └── user4
+    └── C
+        ├── user2
+        └── user5
+
+This structure is used to model relationships between banks and users, where:
+
+- each bank and user can have associated usage and shares
+- parent banks aggregate information about their subtree
+- job usage and allocated shares are used to calculate the fair-share for each bank and user
+
+Each bank in the hierarchy can have a parent (aside from the root bank) and
+children, forming a tree. The sub-banks which users belong can be considered
+intermediate nodes, and users are the leaf nodes.
+
+The node's attributes help determine its position and contribution within the
+tree. These attributes consist of:
+
+- **shares**: the node's share in its parent node
+- **usage**: how many resources the node has consumed
+
+The ``weighted_tree_node_t`` class models a node in a weighted hierarchical
+tree used to calculate fair-share distribution across a resource hierarchy (in
+flux-accounting's case, a hierarchy of banks and users).
+
+***************
+The Calculation
+***************
+
+The fair-share calculation can be described as:
+
+.. math::
+
+  \text{F} = \frac{\text{rank}_{node}}{\text{N}_{siblings}}
+
+where the rank of a node :math:`n` is determined by comparing its weight to
+that of its siblings. Weights (and thus, ranks) are sorted in descending order,
+first by bank, and then by user.
+
+.. math::
+
+  \text{weight}_{n} = \frac{\text{shares}_{weighted}}{\text{usage}_{weighted}}
+
+The weighted shares and weighted usage values are calculated by looking at the
+proportion of a node's shares and usage compared to its siblings:
+
+.. math::
+
+  \text{shares}_{weighted} = \frac{\text{shares}_{n}}{\text{shares}_{n+siblings}}
+
+.. math::
+
+  \text{usage}_{weighted} = \frac{\text{usage}_{n}}{\text{usage}_{n+siblings}}
+
+The banks are then sorted in descending order by weight. Once the banks are
+sorted, the users in each bank are then sorted by their respective weights.
+   
+an example
+----------
+
+Consider the following hierarchy of accounts and users, represented in a table format:
+
+.. list-table::
+   :header-rows: 1
+   :widths: 10 15 10 10
+
+   * - parent
+     - name
+     - shares
+     - usage
+   * - root
+     - 
+     - 1000
+     - 133
+   * - root
+     - account1
+     - 1000
+     - 121
+   * - account1
+     - leaf.1.1
+     - 10000
+     - 100
+   * - account1
+     - leaf.1.2
+     - 1000
+     - 11
+   * - account1
+     - leaf.1.3
+     - 100000
+     - 10
+   * - root
+     - account2
+     - 100
+     - 11
+   * - account2
+     - leaf.2.1
+     - 100000
+     - 8
+   * - account2
+     - leaf.2.2
+     - 10000
+     - 3
+   * - root
+     - account3
+     - 10
+     - 1
+   * - account3
+     - leaf.3.1
+     - 100
+     - 0
+   * - account3
+     - leaf.3.2
+     - 10
+     - 1
+
+The tree hierarchy is as follows:
+
+.. code-block:: text
+
+   root
+   ├── account1
+   │   ├── leaf.1.1
+   │   ├── leaf.1.2
+   │   └── leaf.1.3
+   ├── account2
+   │   ├── leaf.2.1
+   │   └── leaf.2.2
+   └── account3
+       ├── leaf.3.1
+       └── leaf.3.2
+
+Let's walk through the weight calculation for one of the users in this
+hierarchy: ``leaf.3.2``:
+
+.. list-table::
+   :header-rows: 1
+   :widths: 10 15 10 10
+
+   * - parent
+     - name
+     - shares
+     - usage
+   * - account3
+     - leaf.3.2
+     - 10
+     - 1
+
+We can calculate ``leaf.3.2``'s weighted shares with the equation we defined
+above:
+
+.. math::
+
+  \text{s_weighted}_{leaf.3.2} = \frac{\text{shares}_{leaf.3.2}}{\text{shares}_{leaf.3.2+siblings}} = \frac{\text{10}}{\text{110}} = \text{0.0909091}
+
+.. math::
+
+  \text{u_weighted}_{leaf.3.2} = \frac{\text{usage}_{leaf.3.2}}{\text{usage}_{leaf.3.2+siblings}} = \frac{\text{1}}{\text{1}} = \text{1}
+
+So, the final weight for ``leaf.3.2`` can be calculated as the following:
+
+.. math::
+
+  \text{weight}_{leaf.3.2} = \frac{\text{s_weighted}_{leaf.3.2}}{\text{u_weighted}_{leaf.3.2}} = \frac{\text{0.0909091}}{\text{1}} = \text{0.0909091}
+
+We apply the same process to a bank that holds users. Take ``account3`` for example:
+
+.. list-table::
+   :header-rows: 1
+   :widths: 10 15 10 10
+
+   * - parent
+     - name
+     - shares
+     - usage
+   * - root
+     - account3
+     - 10
+     - 1
+
+.. math::
+
+  \text{s_weighted}_{account3} = \frac{\text{shares}_{account3}}{\text{shares}_{account3+siblings}} = \frac{\text{10}}{\text{1110}} = \text{0.0909091}
+
+.. math::
+
+  \text{u_weighted}_{account3} = \frac{\text{usage}_{account3}}{\text{usage}_{account3+siblings}} = \frac{\text{1}}{\text{133}} = \text{0.0075188}
+
+.. math::
+
+  \text{weight}_{account3} = \frac{\text{s_weighted}_{account3}}{\text{u_weighted}_{account3}} = \frac{\text{0.00900901}}{\text{0.0075188}} = \text{1.1982}
+
+We repeat this process for every user and sub-bank in the hierarchy:
+
+.. list-table::
+   :header-rows: 1
+   :widths: 10 15 10
+
+   * - parent
+     - name
+     - weight
+   * - root
+     - 
+     - 
+   * - root
+     - account1
+     - 0.990246
+   * - account1
+     - leaf.1.1
+     - 0.109009
+   * - account1
+     - leaf.1.2
+     - 0.0990991
+   * - account1
+     - leaf.1.3
+     - 10.9009
+   * - root
+     - account2
+     - 1.08927
+   * - account2
+     - leaf.2.1
+     - 1.25
+   * - account2
+     - leaf.2.2
+     - 0.333333
+   * - root
+     - account3
+     - 1.1982
+   * - account3
+     - leaf.3.1
+     - 1.84467
+   * - account3
+     - leaf.3.2
+     - 0.909091
+
+After sorting the banks in descending order, we see that ``account3`` has the
+highest weight at 1.1982, followed by ``account2`` at 1.08927, and then finally
+``account1`` at 0.990246. Each bank's set of users are then sorted by their
+weight. If we look at ``account3``, we see that ``leaf.3.1`` has the highest
+weight at 1.84467. Therefore, ``leaf.3.1`` receives the highest rank of all of
+the users. ``leaf.3.2`` follows with the second highest rank, and ``account3``
+is now fully sorted. We repeat this process for the rest of the banks in the
+hierarchy:
+
+.. list-table::
+   :header-rows: 1
+   :widths: 10 15 10
+
+   * - parent
+     - name
+     - weight
+   * - account1
+     - leaf.1.3
+     - 10.9009
+   * - account3
+     - leaf.3.1
+     - 1.84467
+   * - account2
+     - leaf.2.1
+     - 1.25
+   * - account3
+     - leaf.3.2
+     - 0.909091
+   * - account2
+     - leaf.2.2
+     - 0.333333
+   * - account1
+     - leaf.1.1
+     - 0.109009
+   * - account1
+     - leaf.1.2
+     - 0.0990991
+
+To calculate the fair-share value :math:`F` for each user, we simply divide
+each user's rank by the number of users. As an example, take ``leaf.2.2``,
+which ranks 4th among all of the users:
+
+.. math::
+
+  \text{F}_{leaf.2.2} = \frac{\text{rank}_{leaf.2.2}}{\text{N}_{users}} = \frac{\text{4}}{\text{7}} = \text{0.571429}
+
+After performing a weighted walk on this hierarchy, the fair-share distribution
+for the users look like this:
+
+.. list-table::
+   :header-rows: 1
+   :widths: 10 15 10 10 10
+
+   * - bank
+     - username
+     - raw shares
+     - raw usage
+     - fair-share
+   * - root
+     -
+     - 1000
+     - 133.0
+     -
+   * - account1
+     -
+     - 1000
+     - 121.0
+     -
+   * - account1
+     - leaf.1.1
+     - 10000
+     - 100.0
+     - 0.285714
+   * - account1
+     - leaf.1.2
+     - 1000
+     - 11.0
+     - 0.142857
+   * - account1
+     - leaf.1.3
+     - 100000
+     - 10.0
+     - 0.428571
+   * - account2
+     -
+     - 100
+     - 11.0
+     -
+   * - account2
+     - leaf.2.1
+     - 100000
+     - 8.0
+     - 0.714286
+   * - account2
+     - leaf.2.2
+     - 10000
+     - 3.0
+     - 0.571429
+   * - account3
+     -
+     - 10
+     - 1.0
+     -
+   * - account3
+     - leaf.3.1
+     - 100
+     - 0.0
+     - 1.0
+   * - account3
+     - leaf.3.2
+     - 10
+     - 1.0
+     - 0.857143
diff --git a/doc/index.rst b/doc/index.rst
index 41884057..5eb357b4 100644
--- a/doc/index.rst
+++ b/doc/index.rst
@@ -13,4 +13,5 @@ Table of Contents
    guide/support
    guide/accounting-guide
    components/database-administration
+   components/fair-share
    index_man