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I am wondering how the pool decides how much you get for you share.

An interesting parameter might be the difficulty.

However is there any equation to calculate the payout per share?

Let's say we have a difficulty of 10000, Fee of 2% and a result time of 20 seconds.

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As a miner finds shares, each share's difficulty accumulates on that miner's "account". When the pool finds a block, all miners' accumulated shares are reset to 0, and the cycle restarts till the pool finds a block again.

Upon finding a block, the block reward (minus the pool fee) is distributed to miners in proportion to their accumulated share difficulties.

So a miner finding two shares at difficulties 2000 and a miner finding one share at difficulty 4000 will be allocated the same percentage of the block reward. Finding a share at difficulty X happens twice as often as finding a share at difficulty 2X, on average.

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