EXHIBIT 11
PEOPLES BANCORP INC. AND SUBSIDIARIES
Computation of Earnings Per Share
(dollars in thousands, except per share data) For the Three For the Six
Months Ended Months Ended
June 30, June 30,
2004 2003 2004 2003
BASIC EARNINGS PER SHARE
EARNINGS:
Net income $5,053 $5,439 $10,419 $10,453
AVERAGE SHARES OUTSTANDING:
Weighted average common shares outstanding 10,603,510 10,400,673 10,581,879 10,229,595
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BASIC EARNINGS PER SHARE $0.48 $0.52 $0.98 $1.02
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DILUTED EARNINGS PER SHARE
EARNINGS:
Net income $5,053 $5,439 $10,419 $10,453
AVERAGE SHARES OUTSTANDING:
Weighted average common shares outstanding 10,603,510 10,400,673 10,581,879 10,229,595
Net effect of the assumed exercise of stock
options based on the treasury stock method 162,779 198,147 205,988 198,625
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Total weighted average diluted common shares 10,766,289 10,598,820 10,787,867 10,428,220
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DILUTED EARNINGS PER SHARE $0.47 $0.51 $0.97 $1.00
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