Varying the pwm frequency for timer 0 or timer 2?

Pins 5 and 6:
Setting Divisor Frequency
0x03 64 976.5625
TCCR0B = TCCR0B & 0b11111000 | ;

Pins 11 and 3:
Setting Divisor Frequency
0x04 64 488.28125
TCCR2B = TCCR2B & 0b11111000 | ;

Does timer2 really run half the frequency of timer0 with the same prescaler? I coudn't find anything obvious to account for such a discrepancy in the AVR datasheet, although it matches observations. What am I missing?