EXHIBIT 11 PEOPLES BANCORP INC. AND SUBSIDIARIES Computation of Earnings Per Share (dollars in thousands, except share data) For the Three Months Ended March 31, 2003 2002 ------------ ----------- BASIC EARNINGS PER SHARE EARNINGS: Net income $5,014 $4,693 AVERAGE SHARES OUTSTANDING: Weighted average Common Shares outstanding 9,577,729 7,841,605 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BASIC EARNINGS PER SHARE $0.52 $0.60 ================================================================================ DILUTED EARNINGS PER SHARE EARNINGS: Net income $5,014 $4,693 AVERAGE SHARES OUTSTANDING: Weighted average Common Shares outstanding 9,577,729 7,841,605 Net effect of the assumed exercise of stock options based on the treasury stock method 189,609 137,856 - -------------------------------------------------------------------------------- Total 9,767,338 7,979,461 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DILUTED EARNINGS PER SHARE $0.51 $0.59 ================================================================================