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,        
                                                    1999              1998
BASIC EARNINGS PER SHARE			
========================
EARNINGS:
Net income                                        $2,630             $2,376
			
AVERAGE SHARES OUTSTANDING:			
Weighted average Common Shares outstanding     6,315,613          6,321,352
- ----------------------------------------------------------------------------- 
        BASIC EARNINGS PER SHARE                   $0.42              $0.38  
============================================================================= 

DILUTED EARNINGS PER SHARE
==========================
EARNINGS:
Net income                                        $2,630             $2,376
			
AVERAGE SHARES OUTSTANDING:			
Weighted average Common Shares outstanding     6,315,613          6,321,352
Net effect of the assumed exercise of
   stock options based on the treasury
   stock method                                  148,316            207,756
- -----------------------------------------------------------------------------
      Total                                    6,463,929          6,529,108

        DILUTED EARNINGS PER SHARE                 $0.41              $0.36
============================================================================= 
			
			
Adjusted for 10% stock dividend to be issued June 15, 1999, to shareholders
of record at May 28, 1999, and a 3-for-2 stock split issued April 30, 1998,
to shareholders of record at April 13, 1998.