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, 2005 2004 2005 2004 BASIC EARNINGS PER SHARE EARNINGS: Net income $5,299 $5,053 $9,991 $10,419 AVERAGE SHARES OUTSTANDING: Weighted average common shares outstanding 10,405,989 10,603,510 10,412,552 10,581,879 ---------------------------------------------------------------------------------------------------------------------- BASIC EARNINGS PER SHARE $0.51 $0.48 $0.96 $0.98 ====================================================================================================================== DILUTED EARNINGS PER SHARE EARNINGS: Net income $5,299 $5,053 $9,991 $10,419 AVERAGE SHARES OUTSTANDING: Weighted average common shares outstanding 10,405,989 10,603,510 10,412,552 10,581,879 Net effect of the assumed exercise of stock options based on the treasury stock method 135,785 162,779 137,316 205,988 ---------------------------------------------------------------------------------------------------------------------- Total weighted average diluted common shares 10,541,774 10,766,289 10,549,868 10,787,867 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- DILUTED EARNINGS PER SHARE $0.50 $0.47 $0.95 $0.97 ======================================================================================================================