Methods and apparatus implementing systems and techniques for determining quantizer values for a signal. In general, in one implementation, a technique includes: obtaining a target distortion and a transformed signal having sub-bands resulting from a source signal being transformed by a wavelet-based decomposition; distributing the target distortion among the sub-bands based on energy weights to produce target sub-band distortions; ascertaining actual sub-band distortion values that result at different grades of quantization; determining quantizer values for the sub-bands, including interpolating between at least two of the quantization grades; and quantizing the sub-bands with the determined quantizer values. The signal may be a digital image. Additionally, in another implementation, determining the quantizer values can involve determining approximations of sub-band coefficient quantization error rather than performing the interpolation, in which case, the ascertaining operation need not be performed.