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, 1997 1996 1997 1996 ---------- ---------- ---------- ---------- PRIMARY EARNINGS PER SHARE 							 - -------------------------- 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 ---------- ---------- ---------- ---------- Total primary weighted average shares outstanding 3,553,482 3,471,082 3,540,317 3,465,881 ---------- ---------- ---------- ---------- PRIMARY EARNINGS PER SHARE $0.60 $0.57 $1.17 $1.11 ---------- ---------- ---------- ---------- FULLY DILUTED EARNINGS PER SHARE - -------------------------------- 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 ---------- ---------- ---------- ---------- Total fully diluted weighted average shares outstanding 3,572,660 3,474,378 3,567,657 3,468,997 ---------- ---------- ---------- ---------- FULLY DILUTED EARNINGS PER SHARE $0.59 $0.57 $1.16 $1.11 ---------- ---------- ---------- ---------- 					 	 	 * Adjusted for 10% stock dividend issued to stockholders of record at July 15, 1996.