EXHIBIT 11 PEOPLES BANCORP INC. AND SUBSIDIARIES Computation of Earnings Per Share (dollars in thousands, except per share data) For the Three For the Nine Months Ended Months Ended September 30, September 30, 2003 2002 2003 2002 BASIC EARNINGS PER SHARE EARNINGS: Net income $5,940 $4,796 $16,394 $14,252 AVERAGE SHARES OUTSTANDING: Weighted average Common Shares outstanding 10,653,999 8,291,496 10,372,617 8,263,928 - --------------------------------------------------------------------------------------------------------------------------- BASIC EARNINGS PER SHARE $0.56 $0.58 $1.58 $1.72 - --------------------------------------------------------------------------------------------------------------------------- DILUTED EARNINGS PER SHARE EARNINGS: Net income $5,940 $4,796 $16,394 $14,252 AVERAGE SHARES OUTSTANDING: Weighted average Common Shares outstanding 10,653,999 8,291,496 10,372,617 8,263,928 Net effect of the assumed exercise of stock options based on the treasury stock method 242,462 266,007 213,038 224,517 - --------------------------------------------------------------------------------------------------------------------------- Total weighted average diluted common shares 10,896,461 8,557,503 10,585,655 8,488,445 - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- DILUTED EARNINGS PER SHARE $0.55 $0.56 $1.55 $1.68 - ---------------------------------------------------------------------------------------------------------------------------