Based on the pdf that you uploaded, it looks like:
1) The analysis was not of "bearing, bending and shear" of the bolt, rather it is bearing, bending and shear of the threads.
2) I don't know where the 23/24 factor comes from. Your attached calculations look like it is the loaded height of material at the root of the thread. That would probably be within the realm of reason for a vee-thread, which is what a 2-12UN is, though the drawing throws you since it appears to represent an acme/trapezoidal thread. Assuming that it is a vee-thread, I still don't know where the 23/24 comes from, though it seems like it probably isn't completely unreasonable.
Regardless of all that, my experience has been that all of my fastener failures were broken bolts (either at the nut or the transition from threaded to unthreaded shank), not sheared/stripped threads except for the cases when I have fine threads (which you have in a 2-12UN fastener) along with repeated assembly/disassembly. Though it never hurts to be thorough and do the calcs anyway. (And I suggest that you do.)
Engineering is not the science behind building. It is the science behind not building.