EXHIBIT 11
PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 1994
COMPUTATION OF EARNINGS PER SHARE
Year Ended December 31,
---------------------------------------------
1994 1993<F1> 1993<F1> 1992
BEFORE AFTER
CUMULATIVE CUMULATIVE
EFFECT OF EFFECT OF
ACCOUNTING ACCOUNTING
CHANGES CHANGES
----- ---------- ---------- ------
PRIMARY EARNINGS PER SHARE
EARNINGS:
Net income $5,748,000 $5,385,000 $5,071,000 $4,550,000
COMMON SHARES OUTSTANDING:
Weighted average
Common Shares outstanding 2,899,951 2,793,962 2,793,962 2,663,702
Add: Adjustment for
outstanding stock options 9,418 3,390 3,390
--------- --------- --------- ---------
Total weighted average
Common Shares outstanding 2,909,369 2,797,352 2,797,352 2,663,702
PRIMARY EARNINGS PER SHARE $1.98 $1.92 $1.81 $1.71
===== ===== ===== =====
FULLY DILUTED EARNINGS PER SHARE
EARNINGS:
Net income $5,748,000 $5,385,000 $5,071,000 $4,550,000
Add: Effect of not
having Convertible
Subordinated Debenture
outstanding net of
tax effect 21,000 21,000 117,000
$5,748,000 $5,406,000 $5,092,000 $4,667,000
COMMON SHARES OUTSTANDING:
Weighted average Common
Shares outstanding 2,899,951 2,793,962 2,793,962 2,663,702
Add: Shares issued
assuming conversion of
Convertible Debentures
at beginning of period 44,638 44,638 276,120
Add: Adjustment for
outstanding stock options 12,290 3,390 3,390
--------- --------- --------- ---------
Total weighted average
Common Shares outstanding 2,912,241 2,841,990 2,841,990 2,939,822
FULLY DILUTED EARNINGS
PER SHARE $1.97 $1.90 $1.79 $1.59
===== ===== ===== =====
<FN>
<F1> Prior years weighted average shares outstanding adjusted for
2 for 1 stock split issued on April 29, 1994, and a 10% stock dividend
issued on April 15, 1993.
</FN>