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 Six
Months Ended Months Ended
June 30, June 30,
1997 1996 1997 1996
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PRIMARY EARNINGS PER SHARE
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EARNINGS:
Net income $2,125,000 $1,971,000 $4,127,000 $3,852,000
COMMON SHARES OUTSTANDING:
Weighted average common
shares outstanding* 3,449,968 3,439,371 3,447,931 3,434,008
Add: net effect of the
assumed exercise of
outstanding stock
options - based on the
treasury stock method 103,514 31,711 92,386 31,873
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Total primary weighted
average shares outstanding 3,553,482 3,471,082 3,540,317 3,465,881
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PRIMARY EARNINGS PER SHARE $0.60 $0.57 $1.17 $1.11
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FULLY DILUTED EARNINGS PER SHARE
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EARNINGS:
Net income $2,125,000 $1,971,000 $4,127,000 $3,852,000
COMMON SHARES OUTSTANDING:
Weighted average common
shares outstanding* 3,449,968 3,439,371 3,447,931 3,434,008
Add: net effect of the
assumed exercise of
outstanding stock
options - based on the
treasury stock method 122,692 35,007 119,726 34,989
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Total fully diluted
weighted average shares
outstanding 3,572,660 3,474,378 3,567,657 3,468,997
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FULLY DILUTED EARNINGS
PER SHARE $0.59 $0.57 $1.16 $1.11
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* Adjusted for 10% stock dividend issued to stockholders of
record at July 15, 1996.