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,
1999 1998 1999 1998
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BASIC EARNINGS PER SHARE
EARNINGS:
Net income ........................................ $ 2,549 $ 2,800 $ 5,179 $ 5,176
AVERAGE SHARES OUTSTANDING:
Weighted average Common Shares outstanding ........ 6,281,877 6,329,995 6,298,652 6,325,825
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BASIC EARNINGS PER SHARE ................... $ 0.41 $ 0.44 $ 0.82 $ 0.82
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DILUTED EARNINGS PER SHARE
EARNINGS:
Net income ........................................ $ 2,549 $ 2,800 $ 5,179 $ 5,176
AVERAGE SHARES OUTSTANDING:
Weighted average Common Shares outstanding ........ 6,281,877 6,329,995 6,298,652 6,325,825
Net effect of the assumed exercise of stock options
based on the treasury stock method ........... 161,480 221,257 154,168 214,507
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Total ................................... 6,443,357 6,551,252 6,452,820 6,540,332
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DILUTED EARNINGS PER SHARE ................. $ 0.40 $ 0.43 $ 0.80 $ 0.79
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* Adjusted for 10% stock dividend issued June 15, 1999, to shareholders of
record as of May 28, 1999.