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
    ======================================================================================================================