EXHIBIT 11

PEOPLES BANCORP INC.

Computation of Earnings Per Share


                                          Three Months ended March 31,

                                       1994         1993 <F1>    1993 <F1>
                                                    Before       After
                                                    Cumulative   Cumulative 
                                                    Effect of    Effect of
                                                    Accounting   Accounting 
                                                    Changes      Changes

                                                        

FULLY DILUTED EARNINGS PER SHARE

EARNINGS
Net income                             $1,306,000   $1,502,000   $1,188,000

Add: Effect of not having 
   Convertible Subordinated
   Debenture outstanding 
   net of tax effect                   0            16,000       16,000
                                              
        SUBTOTAL                       $1,306,000   $1,518,000   $1,204,000
                                       

COMMON SHARES OUTSTANDING
Weighted average Common 
  Shares Outstanding                   1,451,646    1,393,504    1,393,504

Add: Shares issued assuming 
  conversion of Convertible 
  Subordinated Debentures at
  beginning of period                 0             74,377       74,377

Add: Adjustment for outstanding 
  stock options                       3,123
                                    
        SUBTOTAL                      1,454,769    1,467,881    1,467,881
                                     

Fully Diluted Earnings Per Share      $0.90        $1.03        $0.82
                                    

<FN>

<F1>  1993 weighted average shares outstanding have been adjusted 
due to 10% stock dividend issued April 15, 1993