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

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BASIC EARNINGS PER SHARE                                           $0.56           $0.58             $1.58           $1.72
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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
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          Total weighted average diluted common shares        10,896,461       8,557,503        10,585,655       8,488,445
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DILUTED EARNINGS PER SHARE                                         $0.55           $0.56             $1.55           $1.68
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