EXHIBIT 11
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PEOPLES BANCORP INC. AND SUBSIDIARIES
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COMPUTATION OF EARNINGS PER SHARE
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For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
1996 1995 1996 1995
PRIMARY EARNINGS PER SHARE
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EARNINGS:
Net income $1,830,000 $1,610,000 $5,682,000 $4,630,000
COMMON SHARES OUTSTANDING:
Weighted average common
shares outstanding* 3,391,571 3,477,299 3,435,772 3,491,673
Add: net effect of the
assumed exercise of
outstanding stock
options - based on the
treasury stock method 39,269 12,276 33,769 12,609
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Total primary weighted
average shares outstanding 3,430,840 3,489,575 3,469,541 3,504,282
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PRIMARY EARNINGS PER SHARE $0.53 $0.46 $1.64 $1.32
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FULLY DILUTED EARNINGS PER SHARE
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EARNINGS:
Net income $1,830,000 $1,610,000 $5,682,000 $4,630,000
COMMON SHARES OUTSTANDING:
Weighted average common
shares outstanding* 3,391,571 3,477,299 3,435,772 3,491,673
Add: net effect of the
assumed exercise of
outstanding stock
options - based on the
treasury stock method 51,576 14,798 51,503 14,798
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Total fully diluted weighted
average shares outstanding 3,443,147 3,492,097 3,487,275 3,506,471
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FULLY DILUTED EARNINGS
PER SHARE $0.53 $0.46 $1.63 $1.32
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* Adjusted for 10% stock dividend issued to stockholders of
record at July 15, 1996, and October 10, 1995.