diff --git a/CHANGELOG.md b/CHANGELOG.md
index c117834d4..2c0375c7d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
 ## Current
 
+## Release v1.3.4 (10 August 2024)
+
+* (#1060) Fix bug with return value of `Concurrent.available_processor_count` when `cpu.cfs_quota_us` is -1.
+* (#1058) Add `Concurrent.cpu_shares` that is cgroups aware.
+
 ## Release v1.3.3 (9 June 2024)
 
 * (#1053) Improve the speed of `Concurrent.physical_processor_count` on Windows.
diff --git a/Gemfile b/Gemfile
index f10dc8eba..1786c8b21 100644
--- a/Gemfile
+++ b/Gemfile
@@ -1,14 +1,14 @@
 source 'https://rubygems.org'
 
-require File.join(File.dirname(__FILE__), 'lib/concurrent-ruby/concurrent/version')
-require File.join(File.dirname(__FILE__ ), 'lib/concurrent-ruby-edge/concurrent/edge/version')
+version = File.read("#{__dir__}/lib/concurrent-ruby/concurrent/version.rb")[/'(.+)'/, 1] or raise
+edge_version = File.read("#{__dir__}/lib/concurrent-ruby-edge/concurrent/edge/version.rb")[/'(.+)'/, 1] or raise
 
 no_path = ENV['NO_PATH']
 options = no_path ? {} : { path: '.' }
 
-gem 'concurrent-ruby', Concurrent::VERSION, options
-gem 'concurrent-ruby-edge', Concurrent::EDGE_VERSION, options
-gem 'concurrent-ruby-ext', Concurrent::VERSION, options.merge(platform: :mri)
+gem 'concurrent-ruby', version, options
+gem 'concurrent-ruby-edge', edge_version, options
+gem 'concurrent-ruby-ext', version, options.merge(platform: :mri)
 
 group :development do
   gem 'rake', '~> 13.0'
diff --git a/Rakefile b/Rakefile
index 006fcb993..c52b5640e 100644
--- a/Rakefile
+++ b/Rakefile
@@ -1,6 +1,5 @@
-require_relative 'lib/concurrent-ruby/concurrent/version'
-require_relative 'lib/concurrent-ruby-edge/concurrent/edge/version'
-require_relative 'lib/concurrent-ruby/concurrent/utility/engine'
+version = File.read("#{__dir__}/lib/concurrent-ruby/concurrent/version.rb")[/'(.+)'/, 1] or raise
+edge_version = File.read("#{__dir__}/lib/concurrent-ruby-edge/concurrent/edge/version.rb")[/'(.+)'/, 1] or raise
 
 core_gemspec = Gem::Specification.load File.join(__dir__, 'concurrent-ruby.gemspec')
 ext_gemspec  = Gem::Specification.load File.join(__dir__, 'concurrent-ruby-ext.gemspec')
@@ -8,14 +7,14 @@ edge_gemspec = Gem::Specification.load File.join(__dir__, 'concurrent-ruby-edge.
 
 require 'rake/javaextensiontask'
 
-ENV['JRUBY_HOME'] = ENV['CONCURRENT_JRUBY_HOME'] if ENV['CONCURRENT_JRUBY_HOME'] && !Concurrent.on_jruby?
+ENV['JRUBY_HOME'] = ENV['CONCURRENT_JRUBY_HOME'] if ENV['CONCURRENT_JRUBY_HOME'] && RUBY_ENGINE != 'jruby'
 
 Rake::JavaExtensionTask.new('concurrent_ruby', core_gemspec) do |ext|
   ext.ext_dir = 'ext/concurrent-ruby'
   ext.lib_dir = 'lib/concurrent-ruby/concurrent'
 end
 
-unless Concurrent.on_jruby? || Concurrent.on_truffleruby?
+if RUBY_ENGINE == 'ruby'
   require 'rake/extensiontask'
 
   Rake::ExtensionTask.new('concurrent_ruby_ext', ext_gemspec) do |ext|
@@ -68,7 +67,7 @@ require 'rubygems'
 require 'rubygems/package_task'
 
 Gem::PackageTask.new(core_gemspec) {} if core_gemspec
-Gem::PackageTask.new(ext_gemspec) {} if ext_gemspec && !Concurrent.on_jruby?
+Gem::PackageTask.new(ext_gemspec) {} if ext_gemspec && RUBY_ENGINE != 'jruby'
 Gem::PackageTask.new(edge_gemspec) {} if edge_gemspec
 
 CLEAN.include(
@@ -96,9 +95,9 @@ begin
     task :installed do
       Bundler.with_original_env do
         Dir.chdir(__dir__) do
-          sh "gem install pkg/concurrent-ruby-#{Concurrent::VERSION}.gem"
-          sh "gem install pkg/concurrent-ruby-ext-#{Concurrent::VERSION}.gem" if Concurrent.on_cruby?
-          sh "gem install pkg/concurrent-ruby-edge-#{Concurrent::EDGE_VERSION}.gem"
+          sh "gem install pkg/concurrent-ruby-#{version}.gem"
+          sh "gem install pkg/concurrent-ruby-ext-#{version}.gem" if RUBY_ENGINE == 'ruby'
+          sh "gem install pkg/concurrent-ruby-edge-#{edge_version}.gem"
           ENV['NO_PATH'] = 'true'
           sh 'bundle update'
           sh 'bundle exec rake spec:ci'
@@ -128,7 +127,7 @@ rescue LoadError => e
   puts 'RSpec is not installed, skipping test task definitions: ' + e.message
 end
 
-current_yard_version_name = Concurrent::VERSION
+current_yard_version_name = version
 
 begin
   require 'yard'
@@ -232,6 +231,8 @@ namespace :release do
   # Depends on environment of @pitr-ch
 
   task :checks do
+    raise '$CONCURRENT_JRUBY_HOME must be set' unless ENV['CONCURRENT_JRUBY_HOME']
+
     Dir.chdir(__dir__) do
       sh 'test -z "$(git status --porcelain)"' do |ok, res|
         unless ok
@@ -262,6 +263,8 @@ namespace :release do
 
   desc '* test actual installed gems instead of cloned repository on MRI and JRuby'
   task :test do
+    raise '$CONCURRENT_JRUBY_HOME must be set' unless ENV['CONCURRENT_JRUBY_HOME']
+
     Dir.chdir(__dir__) do
       puts "Testing with the installed gem"
 
@@ -310,21 +313,21 @@ namespace :release do
     desc '** tag HEAD with current version and push to github'
     task :tag => :ask do
       Dir.chdir(__dir__) do
-        sh "git tag v#{Concurrent::VERSION}" if publish_base
-        sh "git push origin v#{Concurrent::VERSION}" if publish_base
-        sh "git tag edge-v#{Concurrent::EDGE_VERSION}" if publish_edge
-        sh "git push origin edge-v#{Concurrent::EDGE_VERSION}" if publish_edge
+        sh "git tag v#{version}" if publish_base
+        sh "git push origin v#{version}" if publish_base
+        sh "git tag edge-v#{edge_version}" if publish_edge
+        sh "git push origin edge-v#{edge_version}" if publish_edge
       end
     end
 
     desc '** push all *.gem files to rubygems'
     task :rubygems => :ask do
       Dir.chdir(__dir__) do
-        sh "gem push pkg/concurrent-ruby-#{Concurrent::VERSION}.gem" if publish_base
-        sh "gem push pkg/concurrent-ruby-edge-#{Concurrent::EDGE_VERSION}.gem" if publish_edge
-        sh "gem push pkg/concurrent-ruby-ext-#{Concurrent::VERSION}.gem" if publish_base
-        sh "gem push pkg/concurrent-ruby-ext-#{Concurrent::VERSION}-x64-mingw32.gem" if publish_base
-        sh "gem push pkg/concurrent-ruby-ext-#{Concurrent::VERSION}-x86-mingw32.gem" if publish_base
+        sh "gem push pkg/concurrent-ruby-#{version}.gem" if publish_base
+        sh "gem push pkg/concurrent-ruby-edge-#{edge_version}.gem" if publish_edge
+        sh "gem push pkg/concurrent-ruby-ext-#{version}.gem" if publish_base
+        sh "gem push pkg/concurrent-ruby-ext-#{version}-x64-mingw32.gem" if publish_base
+        sh "gem push pkg/concurrent-ruby-ext-#{version}-x86-mingw32.gem" if publish_base
       end
     end
 
diff --git a/concurrent-ruby-edge.gemspec b/concurrent-ruby-edge.gemspec
index 4eedb53f0..719548b95 100644
--- a/concurrent-ruby-edge.gemspec
+++ b/concurrent-ruby-edge.gemspec
@@ -1,11 +1,11 @@
-require File.join(File.dirname(__FILE__ ), 'lib/concurrent-ruby/concurrent/version')
-require File.join(File.dirname(__FILE__ ), 'lib/concurrent-ruby-edge/concurrent/edge/version')
+version = File.read("#{__dir__}/lib/concurrent-ruby/concurrent/version.rb")[/'(.+)'/, 1] or raise
+edge_version = File.read("#{__dir__}/lib/concurrent-ruby-edge/concurrent/edge/version.rb")[/'(.+)'/, 1] or raise
 
 Gem::Specification.new do |s|
   git_files = `git ls-files`.split("\n")
 
   s.name             = 'concurrent-ruby-edge'
-  s.version          = Concurrent::EDGE_VERSION
+  s.version          = edge_version
   s.platform         = Gem::Platform::RUBY
   s.authors          = ["Jerry D'Antonio", 'Petr Chalupa', 'The Ruby Concurrency Team']
   s.email            = 'concurrent-ruby@googlegroups.com'
@@ -25,5 +25,5 @@ Please see http://concurrent-ruby.com for more information.
 
   s.required_ruby_version = '>= 2.3'
 
-  s.add_runtime_dependency 'concurrent-ruby', "~> #{Concurrent::VERSION.split('.')[0..1].join('.')}"
+  s.add_runtime_dependency 'concurrent-ruby', "~> #{version.split('.')[0..1].join('.')}"
 end
diff --git a/concurrent-ruby-ext.gemspec b/concurrent-ruby-ext.gemspec
index 534822de0..4bfafdd5b 100644
--- a/concurrent-ruby-ext.gemspec
+++ b/concurrent-ruby-ext.gemspec
@@ -1,8 +1,8 @@
-require File.join(File.dirname(__FILE__ ), 'lib/concurrent-ruby/concurrent/version')
+version = File.read("#{__dir__}/lib/concurrent-ruby/concurrent/version.rb")[/'(.+)'/, 1] or raise
 
 Gem::Specification.new do |s|
   s.name        = 'concurrent-ruby-ext'
-  s.version     = Concurrent::VERSION
+  s.version     = version
   s.platform    = Gem::Platform::RUBY
   s.authors     = ["Jerry D'Antonio", 'The Ruby Concurrency Team']
   s.email       = 'concurrent-ruby@googlegroups.com'
@@ -23,5 +23,5 @@ Gem::Specification.new do |s|
 
   s.required_ruby_version = '>= 2.3'
 
-  s.add_runtime_dependency 'concurrent-ruby', "= #{Concurrent::VERSION}"
+  s.add_runtime_dependency 'concurrent-ruby', "= #{version}"
 end
diff --git a/concurrent-ruby.gemspec b/concurrent-ruby.gemspec
index 863201b54..1537d377d 100644
--- a/concurrent-ruby.gemspec
+++ b/concurrent-ruby.gemspec
@@ -1,10 +1,10 @@
-require File.join(File.dirname(__FILE__ ), 'lib/concurrent-ruby/concurrent/version')
+version = File.read("#{__dir__}/lib/concurrent-ruby/concurrent/version.rb")[/'(.+)'/, 1] or raise
 
 Gem::Specification.new do |s|
   git_files = `git ls-files`.split("\n")
 
   s.name             = 'concurrent-ruby'
-  s.version          = Concurrent::VERSION
+  s.version          = version
   s.platform         = Gem::Platform::RUBY
   s.authors          = ["Jerry D'Antonio", 'Petr Chalupa', 'The Ruby Concurrency Team']
   s.email            = 'concurrent-ruby@googlegroups.com'
diff --git a/docs-source/signpost.md b/docs-source/signpost.md
index 161812a8f..e48a56a16 100644
--- a/docs-source/signpost.md
+++ b/docs-source/signpost.md
@@ -3,7 +3,7 @@
 Pick a `concurrent-ruby` version:
 
 * [master](./master/index.html)
-* [1.3.1 with edge 0.7.0](./1.3.1/index.html)
+* [1.3.4 with edge 0.7.1](./1.3.4/index.html)
 * [1.1.10 with edge 0.6.0](./1.1.10/index.html)
 * [1.1.9 with edge 0.6.0](./1.1.9/index.html)
 * [1.1.8 with edge 0.6.0](./1.1.8/index.html)
diff --git a/lib/concurrent-ruby/concurrent/utility/processor_counter.rb b/lib/concurrent-ruby/concurrent/utility/processor_counter.rb
index 6724457f1..2489cbd76 100644
--- a/lib/concurrent-ruby/concurrent/utility/processor_counter.rb
+++ b/lib/concurrent-ruby/concurrent/utility/processor_counter.rb
@@ -12,6 +12,7 @@ def initialize
         @processor_count          = Delay.new { compute_processor_count }
         @physical_processor_count = Delay.new { compute_physical_processor_count }
         @cpu_quota                = Delay.new { compute_cpu_quota }
+        @cpu_shares               = Delay.new { compute_cpu_shares }
       end
 
       def processor_count
@@ -41,6 +42,10 @@ def cpu_quota
         @cpu_quota.value
       end
 
+      def cpu_shares
+        @cpu_shares.value
+      end
+
       private
 
       def compute_processor_count
@@ -78,7 +83,7 @@ def compute_physical_processor_count
                   # Bail out if both commands returned something unexpected
                   processor_count
                 else
-                  # powershell: "\nNumberOfCores\n-------------\n            4\n\n\n" 
+                  # powershell: "\nNumberOfCores\n-------------\n            4\n\n\n"
                   # wmic:       "NumberOfCores  \n\n4              \n\n\n\n"
                   result.scan(/\d+/).map(&:to_i).reduce(:+)
                 end
@@ -107,12 +112,28 @@ def compute_cpu_quota
           elsif File.exist?("/sys/fs/cgroup/cpu,cpuacct/cpu.cfs_quota_us")
             # cgroups v1: https://kernel.googlesource.com/pub/scm/linux/kernel/git/glommer/memcg/+/cpu_stat/Documentation/cgroups/cpu.txt
             max = File.read("/sys/fs/cgroup/cpu,cpuacct/cpu.cfs_quota_us").to_i
-            return nil if max == 0
+            # If the cpu.cfs_quota_us is -1, cgroup does not adhere to any CPU time restrictions
+            # https://docs.kernel.org/scheduler/sched-bwc.html#management
+            return nil if max <= 0
             period = File.read("/sys/fs/cgroup/cpu,cpuacct/cpu.cfs_period_us").to_f
             max / period
           end
         end
       end
+
+      def compute_cpu_shares
+        if RbConfig::CONFIG["target_os"].include?("linux")
+          if File.exist?("/sys/fs/cgroup/cpu.weight")
+            # cgroups v2: https://docs.kernel.org/admin-guide/cgroup-v2.html#cpu-interface-files
+            # Ref: https://github.com/kubernetes/enhancements/tree/master/keps/sig-node/2254-cgroup-v2#phase-1-convert-from-cgroups-v1-settings-to-v2
+            weight = File.read("/sys/fs/cgroup/cpu.weight").to_f
+            ((((weight - 1) * 262142) / 9999) + 2) / 1024
+          elsif File.exist?("/sys/fs/cgroup/cpu/cpu.shares")
+            # cgroups v1: https://kernel.googlesource.com/pub/scm/linux/kernel/git/glommer/memcg/+/cpu_stat/Documentation/cgroups/cpu.txt
+            File.read("/sys/fs/cgroup/cpu/cpu.shares").to_f / 1024
+          end
+        end
+      end
     end
   end
 
@@ -128,8 +149,8 @@ def compute_cpu_quota
   # `java.lang.Runtime.getRuntime.availableProcessors` will be used. According
   # to the Java documentation this "value may change during a particular
   # invocation of the virtual machine... [applications] should therefore
-  # occasionally poll this property." Subsequently the result will NOT be
-  # memoized under JRuby.
+  # occasionally poll this property." We still memoize this value once under
+  # JRuby.
   #
   # Otherwise Ruby's Etc.nprocessors will be used.
   #
@@ -162,13 +183,14 @@ def self.physical_processor_count
   end
 
   # Number of processors cores available for process scheduling.
-  # Returns `nil` if there is no #cpu_quota, or a `Float` if the
-  # process is inside a cgroup with a dedicated CPU quota (typically Docker).
+  # This method takes in account the CPU quota if the process is inside a cgroup with a
+  # dedicated CPU quota (typically Docker).
+  # Otherwise it returns the same value as #processor_count but as a Float.
   #
   # For performance reasons the calculated value will be memoized on the first
   # call.
   #
-  # @return [nil, Float] number of available processors
+  # @return [Float] number of available processors
   def self.available_processor_count
     processor_counter.available_processor_count
   end
@@ -187,4 +209,12 @@ def self.available_processor_count
   def self.cpu_quota
     processor_counter.cpu_quota
   end
+
+  # The CPU shares requested by the process. For performance reasons the calculated
+  # value will be memoized on the first call.
+  #
+  # @return [Float, nil] CPU shares requested by the process, or nil if not set
+  def self.cpu_shares
+    processor_counter.cpu_shares
+  end
 end
diff --git a/lib/concurrent-ruby/concurrent/version.rb b/lib/concurrent-ruby/concurrent/version.rb
index 98e7f12b3..1b0c4c22f 100644
--- a/lib/concurrent-ruby/concurrent/version.rb
+++ b/lib/concurrent-ruby/concurrent/version.rb
@@ -1,3 +1,3 @@
 module Concurrent
-  VERSION = '1.3.3'
+  VERSION = '1.3.4'
 end
diff --git a/spec/concurrent/utility/processor_count_spec.rb b/spec/concurrent/utility/processor_count_spec.rb
index fdc44b0ae..8de31e027 100644
--- a/spec/concurrent/utility/processor_count_spec.rb
+++ b/spec/concurrent/utility/processor_count_spec.rb
@@ -56,6 +56,15 @@ module Concurrent
       expect(counter.cpu_quota).to be_nil
     end
 
+    it 'returns nil if cgroups v1 and cpu.cfs_quota_us is -1' do
+      expect(RbConfig::CONFIG).to receive(:[]).with("target_os").and_return("linux")
+      expect(File).to receive(:exist?).with("/sys/fs/cgroup/cpu.max").and_return(false)
+      expect(File).to receive(:exist?).with("/sys/fs/cgroup/cpu,cpuacct/cpu.cfs_quota_us").and_return(true)
+
+      expect(File).to receive(:read).with("/sys/fs/cgroup/cpu,cpuacct/cpu.cfs_quota_us").and_return("-1\n")
+      expect(counter.cpu_quota).to be_nil
+    end
+
     it 'returns a float if cgroups v1 sets a limit' do
       expect(RbConfig::CONFIG).to receive(:[]).with("target_os").and_return("linux")
       expect(File).to receive(:exist?).with("/sys/fs/cgroup/cpu.max").and_return(false)
@@ -92,4 +101,26 @@ module Concurrent
     end
 
   end
+
+  RSpec.describe '#cpu_shares' do
+    let(:counter) { Concurrent::Utility::ProcessorCounter.new }
+
+    it 'returns a float when cgroups v2 sets a cpu.weight' do
+      expect(RbConfig::CONFIG).to receive(:[]).with("target_os").and_return("linux")
+      expect(File).to receive(:exist?).with("/sys/fs/cgroup/cpu.weight").and_return(true)
+
+      expect(File).to receive(:read).with("/sys/fs/cgroup/cpu.weight").and_return("10000\n")
+      expect(counter.cpu_shares).to be == 256.0
+    end
+
+    it 'returns a float if cgroups v1 sets a cpu.shares' do
+      expect(RbConfig::CONFIG).to receive(:[]).with("target_os").and_return("linux")
+      expect(File).to receive(:exist?).with("/sys/fs/cgroup/cpu.weight").and_return(false)
+      expect(File).to receive(:exist?).with("/sys/fs/cgroup/cpu/cpu.shares").and_return(true)
+
+      expect(File).to receive(:read).with("/sys/fs/cgroup/cpu/cpu.shares").and_return("512\n")
+      expect(counter.cpu_shares).to be == 0.5
+    end
+
+  end
 end