EXHIBIT 11 ---------- PEOPLES BANCORP INC. AND SUBSIDIARIES ------------------------------------- COMPUTATION OF EARNINGS PER SHARE --------------------------------- For the Three Months Ended March 31, 1997 1996* PRIMARY EARNINGS PER SHARE 			 - -------------------------- EARNINGS: 	 	 	 Net income $2,002,000 $1,881,000 AVERAGE SHARES OUTSTANDING: 	 	 	 Weighted average Common Shares outstanding 3,445,870 3,428,657 Net effect of the assumed exercise of stock options based on the treasury stock method 76,780 32,398 ---------- ---------- Total 3,522,650 3,461,055 PRIMARY EARNINGS PER SHARE $0.57 $0.54 ========== ========== 	 	 	 FULLY DILUTED EARNINGS PER SHARE - -------------------------------- EARNINGS: 	 	 	 Net income $2,002,000 $1,881,000 AVERAGE SHARES OUTSTANDING: 	 	 	 Weighted average Common Shares outstanding 3,445,870 3,428,657 Net effect of the assumed exercise of stock options based on the treasury stock method 88,118 35,346 ---------- ---------- Total 3,533,988 3,464,003 FULLY DILUTED EARNINGS PER SHARE $0.57 $0.54 ========== ========== * Adjusted for 10% stock dividend issued August 1, 1996, to shareholders of record as of July 15, 1996.