EXHIBIT 11
PEOPLES BANCORP INC.
Computation of Earnings Per Share
Year Ended December 31
1993 1993 1992<F1> 1991<F1>
Before After
Cumulative Cumulative
Effect of Effect of
Accounting Accounting
Changes Changes
PRIMARY EARNINGS PER SHARE
EARNINGS
Net income $5,385,000 $5,071,000 $4,550,000 $3,615,000
COMMON SHARES OUTSTANDING
Weighted average
Common Shares
Outstanding 1,396,981 1,396,981 1,331,378 1,208,655
Add: Effect of outstanding
stock options 1,695 1,695
Total weighted average
Common Shares
Outstanding 1,398,676 1,398,676 1,331,378 1,208,655
PRIMARY EARNINGS PER SHARE $3.85 $3.63 $3.42 $2.99
FULLY DILUTED EARNINGS PER SHARE
EARNINGS
Net income $5,385,000 $5,071,000 $4,550,000 $3,615,000
Add: Effect of not
having Convertible
Subordinated
Debenture outstanding,
net of tax effect 21,000 21,000 117,000 229,000
TOTAL $5,406,000 $5,092,000 $4,667,000 $3,844,000
COMMON SHARES OUTSTANDING
Weighted average
Common Shares
Outstanding 1,396,981 1,396,981 1,331,378 1,208,655
Add: Effect of outstanding
stock options 1,695 1,695
SUBTOTAL 1,398,676 1,398,676
Add: Shares issued
assuming conversion of
Convertible Subordinated
Debentures at beginning
of period 22,319 22,319 138,060 268,925
Total weighted average
Common Shares
Outstanding 1,420,995 1,420,995 1,469,438 1,477,579
FULLY DILUTED EARNINGS
PER SHARE $3.81 $3.59 $3.17 $2.60
<FN>
<F1> Prior years weighted average shares outstanding adjusted due
to 10% stock dividend issued April 15, 1993.