EXHIBIT 11


PEOPLES BANCORP INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE


                        			   Three Months                   Six Months
                      			    Ended June 30,                Ended June 30,
                         -----------------------      -----------------------
                    		      1995         1994            1995         1994 
                         ----------   ----------      ----------   ----------
PRIMARY EARNINGS PER SHARE                                                      

EARNINGS:                                                       
Net income               $1,534,000   $1,312,000      $3,020,000   $2,618,000 

COMMON SHARES OUTSTANDING:  
Weighted average common 
  shares outstanding      2,887,201    2,898,371       2,891,727    2,900,818 
Add:  Adjustment for 
  outstanding stock 
  options                    10,461        9,348          10,570        7,764 
                         ----------   ----------      ----------   ----------
     Subtotal             2,897,662    2,907,719       2,902,297    2,908,582 

							 

PRIMARY EARNINGS PER SHARE    $0.53        $0.45           $1.04        $0.90 
                              =====        =====           =====        =====

							 
FULLY DILUTED EARNINGS PER SHARE  

EARNINGS:                                                        
Net income               $1,534,000   $1,312,000      $3,020,000   $2,618,000 

COMMON SHARES OUTSTANDING:     
Weighted average common 
  shares outstanding      2,887,201    2,898,371       2,891,727    2,900,818 
Add:  Adjustment for 
  outstanding stock 
  options                    10,461       10,383          10,570       10,338 
                         ----------   ----------      ----------   ----------
     Subtotal             2,897,662    2,908,754       2,902,297    2,911,156 
                         
							 
FULLY DILUTED EARNINGS 
    PER SHARE                 $0.53        $0.45           $1.04        $0.90