EXHIBIT 11 ---------- 		 PEOPLES BANCORP INC. AND SUBSIDIARIES 		 ------------------------------------- 		 COMPUTATION OF EARNINGS PER SHARE 		 --------------------------------- 				 For the Three For the Six 				 Months Ended Months Ended 				 June 30, June 30, 				 1996 1995 1996 1995 			 ---------- ---------- ---------- ---------- PRIMARY EARNINGS PER SHARE - -------------------------- EARNINGS: Net income $1,971,000 $1,534,000 $3,852,000 $3,020,000 COMMON SHARES OUTSTANDING: Weighted average common shares outstanding* 3,439,371 3,493,513 3,434,008 3,498,990 Add: net effect of the assumed exercise of outstanding stock options - based on the treasury stock method 31,711 12,658 31,873 12,789 			 ---------- ---------- ---------- ---------- Total primary weighted average shares outstanding 3,471,802 3,506,171 3,465,881 3,511,779 			 ---------- ---------- ---------- ---------- PRIMARY EARNINGS PER SHARE $0.57 $0.44 $1.11 $0.86 			 ========== ========== ========== ========== 							 FULLY DILUTED EARNINGS PER SHARE - -------------------------------- EARNINGS: Net income $1,971,000 $1,534,000 $3,852,000 $3,020,000 COMMON SHARES OUTSTANDING: Weighted average common shares outstanding* 3,439,371 3,493,513 3,434,008 3,498,990 Add: net effect of the assumed exercise of outstanding stock options - based on the treasury stock method 35,007 12,658 34,989 12,789 			 ---------- ---------- ---------- ---------- Total fully diluted weighted average shares outstanding 3,474,378 3,506,171 3,468,997 3,511,779 			 ---------- ---------- ---------- ---------- FULLY DILUTED EARNINGS PER SHARE $0.57 $0.44 $1.11 $0.86 			 ========== ========== ========== ========== 							 * Adjusted for 10% stock dividend issued to stockholders of record at July 15, 1996, and October 10, 1995.