EXHIBIT 11 - ---------- PEOPLES BANCORP INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE - ------------------------------------- (dollars in thousands, except share data) For the Three For the Six Months Ended Months Ended June 30, June 30, 1998 1997 1998 1997 BASIC EARNINGS PER SHARE 							 ======================== EARNINGS: 					 	 	 Net income $2,800 $2,125 $5,176 $4,127 AVERAGE SHARES OUTSTANDING: 	 		 		 	 	 Weighted average Common Shares outstanding 5,754,541 5,174,951 5,750,750 5,171,895 - ------------------------------------------------------------------------------ BASIC EARNINGS PER SHARE $0.49 $0.41 $0.90 $0.80 ============================================================================== 	 		 		 	 	 DILUTED EARNINGS PER SHARE 							 ========================== EARNINGS: 	 		 		 	 	 Net income $2,800 $2,125 $5,176 $4,127 AVERAGE SHARES OUTSTANDING: 					 	 	 Weighted average Common Shares outstanding 5,754,541 5,174,951 5,750,750 5,171,895 Net effect of the assumed exercise of stock options based on the treasury stock method 202,733 154,881 196,609 139,322 - ------------------------------------------------------------------------------ Total 5,957,274 5,329,832 5,947,359 5,311,217 - ------------------------------------------------------------------------------ DILUTED EARNINGS PER SHARE $0.47 $0.40 $0.87 $0.78 ============================================================================== 					 	 	 * Adjusted for 3-for-2 stock split issued April 30, 1998, to shareholders of record as of April 13, 1998.