On a 3750 there's an interface config like:
switchport mode access
srr-queue bandwidth shape 5 0 0 0
srr-queue bandwidth share 25 25 25 25
srr-queue bandwidth limit 50
So queue 1 will get 20% of the >physical< bandwidth which is 2Mbit/s.
And it will be shaped to 2Mbit/s.
Queue 2 to 4 each will get 1/3 of the >remaining limited< bandwidth which is 3Mbit/s.
So Q2,Q3,Q4 will be guaranteed a bandwidth of around 1Mbit/s each.
So shaped queues will refer to the physical bandwidth and shared queues refer to the rest, the limited bandwidth.