Resources allocated to a group of ports include a plurality of storage regions. Each storage region includes a committed area and a shared area. A destination storage region is identified for a packet. A packet queuing engine stores the packet in the committed area of the determined destination storage region if it has a first drop precedence value, and if available storage space in the committed area exceeds a first threshold. The packet queuing engine stores the packet in the shared area of the determined destination storage region if the packet is not stored in the committed area, and if available storage space exceeds a second threshold defined by the packet's drop precedence value. If the packet is not stored either in the committed or shared area, it may be dropped.