EXHIBIT 11
PEOPLES BANCORP INC.
Computation of Earnings Per Share
Three Months ended September 30, 1994 Nine Months ended September 30, 1994
1994 1993<F1> 1993<F1> 1994 1993<F1> 1993<F1>
Before After Before After
Cumulative Cumulative Cumulative Cumulative
Effect of Effect of Effect of Effect of
Accounting Accounting Accounting Accounting
Changes Changes Changes Changes
FULLY DILUTED EARNINGS PER SHARE
Earnings
Net income $1,472,000 $1,417,000 $1,417,000 $4,090,000 $4,055,000 $3,741,000
Add: Effect of not having
Convertible Subordinated
Debenture outstanding
net of tax effect 0 0 0 0 21,000 21,000
$1,472,000 $1,417,000 $1,417,000 $4,090,000 $4,076,000 $3,762,000
Common Shares Outstanding
Weighted average Common
Shares Outstanding 2,898,402 2,926,324 2,926,324 2,900,003 2,865,012 2,865,012
Add: Shares issued assuming
conversion of Convertible
Debentures at beginning
of period 0 0 0 0 58,082 58,082
Add: Adjustment for outstanding
stock options 10,778 10,764
2,909,180 2,926,324 2,926,324 2,910,767 2,923,094 2,923,094
Fully Diluted
Earnings Per Share $0.51 $0.48 $0.48 $1.41 $1.39 $1.28
<FN>
<F1> Please note: Previous periods weighted average shares outstanding
have been adjusted due to 2 for 1 stock split issued April 15, 1993.
</FN>