EXHIBIT 11 				 				 PEOPLES BANCORP INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE 				 				 Three Months Ended March 31, 						 1995 1994 					 ------------ ----------- PRIMARY EARNINGS PER SHARE EARNINGS: Net income $1,486,000 $1,306,000 COMMON SHARES OUTSTANDING: Weighted average common shares outstanding 2,896,321 2,903,292 Add: Adjustment for outstanding stock options 10,692 6,246 				 ---------- ---------- Subtotal 2,907,013 2,909,538 	 PRIMARY EARNINGS PER SHARE $0.51 $0.45 					 ========== ========== 			 	 FULLY DILUTED EARNINGS PER SHARE EARNINGS: Net income $1,486,000 $1,306,000 COMMON SHARES OUTSTANDING: Weighted average common shares outstanding 2,896,321 2,903,292 Add: Adjustment for outstanding stock options 10,692 6,740 					 ---------- ---------- Subtotal 2,907,013 2,910,032 	 FULLY DILUTED EARNINGS PER SHARE $0.51 $0.45 					 ========== ==========