EXHIBIT 12

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K

FOR FISCAL YEAR ENDED DECEMBER 31, 2011

STATEMENTS REGARDING COMPUTATION OF CONSOLIDATED RATIOS OF

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

APPEARING IN ANNUAL REPORT ON FORM 10-K

	Year Ended December 31,
(Dollars in thousands)	2011		2010		2009
Excluding Interest on Deposits:
Earnings:
Income before income taxes	$	17,151	$	5,753	$	3,126
Fixed charges (excluding preferred stock dividends)	7,532		10,616		14,439
Total earnings	24,683		16,369		17,565
Fixed charges:
Interest expense (excluding deposit interest)	7,224		10,311		14,139
Rent expense interest factor (1)	307		306		300
Preferred stock dividends (2)	1,343		2,052		1,876
Total fixed charges (excluding deposit interest)	8,874		12,669		16,315
Ratio of Earnings to Fixed Charges,
Excluding Interest on Deposits	2.78		1.29		1.08
Including Interest on Deposits:
Earnings:
Income before income taxes	$	17,151	$	5,753	$	3,126
Fixed charges (excluding preferred stock dividends)	21,462		29,738		40,562
Total earnings	38,613		35,491		43,688
Fixed charges:
Interest expense (including deposit interest)	21,154		29,433		40,262
Rent expense interest factor (1)	307		306		300
Preferred stock dividends (2)	1,343		2,052		1,876
Total fixed charges (including deposit interest)	22,804		31,791		42,438
Ratio of Earnings to Fixed Charges,
Including Interest on Deposits	1.69		1.12		1.03

(1) Represents one-third of gross rental expense, which management believes is representative of the interest factor.

(2) Represents the dividends accrued on the Series A Preferred Shares during the period.