For what it's worth, I seem to remember armor class being a percent damage reduction. Shields have a chance of blocking a flat amount of damage per hit that they block.
With players, though, I think the 2hand vs. dual-wield may balance itself out in the case of shields, because...more damage may get through with the 2-hander, but the dual-wielder will interrupt more and have a chance to cause minor shield-lock effects if the shield-user keeps blocking.
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