Normally, the game does 1 shadow map lookup per screen fragment. With soft shadows, for every blur phase, it does (dist*2/step+1)3 shadow map lookups per screen fragment and averages them, then applies post-processing.
For the performance optimized version, it does one blur phase with, by default, dist=0.05 and step=0.025. That's 125 lookups per screen fragment.
For the ultra graphics version, it has two blur phases, one at 0.05, 0.025 and the other at 0.5, 0.25. That's 250 lookups per screen fragment plus some blending and stuff.