EXHIBIT 11
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PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 1995
COMPUTATION OF EARNINGS PER SHARE
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Year Ended December 31,
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Before After
Cumulative Cumulative
Effect of Effect of
Accounting Accounting
Changes Changes
1995 1994 1993* 1993*
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PRIMARY EARNINGS PER SHARE
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EARNINGS:
Net income $6,050,000 $5,748,000 $5,385,000 $5,071,000
COMMON SHARES OUTSTANDING:
Weighted average Common
Shares outstanding 3,164,705 3,189,946 3,073,358 3,073,358
Net effect of the assumed
exercise of stock options
based on the treasury
stock method 16,163 10,360 3,729 3,729
Total weighted average
Common Shares outstanding 3,180,868 3,200,306 3,077,087 3,077,087
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PRIMARY EARNINGS PER SHARE $1.90 $1.80 $1.75 $1.65
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FULLY DILUTED EARNINGS PER SHARE
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EARNINGS:
Net income $6,050,000 $5,748,000 $5,385,000 $5,071,000
Add: Effect of not having
Convertible Subordinated
Debenture outstanding net
of tax effect 21,000 21,000
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$6,050,000 $5,748,000 $5,406,000 $5,092,000
COMMON SHARES OUTSTANDING:
Weighted average Common
Shares outstanding 3,164,705 3,189,946 3,073,358 3,073,358
Add: Shares issued
assuming conversion of
Convertible Debentures
at beginning of period 49,102 49,102
Net effect of the assumed
exercise of stock options
based on the treasury
stock method 34,498 13,519 3,729 3,729
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Total weighted average
Common Shares outstanding 3,199,203 3,203,465 3,126,189 3,126,189
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FULLY DILUTED EARNINGS
PER SHARE $1.89 $1.79 $1.73 $1.63
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* Prior years weighted average shares outstanding adjusted for
10% stock dividend issued October 25, 1995, a two-for-one stock
split issued April 29, 1994, and a 10% stock dividend issued
April 15, 1993.