How to calculate edge shearing of a member?

[minoroctave]

in the case of the picture below, for the central plate of thickness 1 inch, is it the force on a bolt F/2 divided by 2at that results in F/4at ?thanks

 

[PhanthomJay]

If I understand the question correctly, the bearing load on the center plate is F/2 at each bolt, and since there are 2 shear planes for tearout, then the shearing tearout load at each plane is F/4.