EXHIBIT 11 ---------- PEOPLES BANCORP INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE ===================================== (dollars in thousands, except share data) For the Three Months Ended March 31, 1998 1997 BASIC EARNINGS PER SHARE 			 ======================== EARNINGS: 	 	 	 Net income $2,376 $2,002 AVERAGE SHARES OUTSTANDING: 	 	 	 Weighted average Common Shares outstanding 5,746,684 5,168,804 - ------------------------------------------------------------------------- BASIC EARNINGS PER SHARE $0.41 $0.39 ========================================================================= 	 	 	 DILUTED EARNINGS PER SHARE 			 ========================== EARNINGS: Net income $2,376 $2,002 AVERAGE SHARES OUTSTANDING: 	 	 	 Weighted average Common Shares outstanding 5,746,684 5,168,804 Net effect of the assumed exercise of stock options based on the treasury stock method 190,460 123,763 - ------------------------------------------------------------------------- Total 5,937,144 5,292,567 DILUTED EARNINGS PER SHARE $0.40 $0.38 ========================================================================= 	 	 	 Adjusted for 3-for-2 stock split issued April 30, 1998, to shareholders of record as of April 13, 1998.