**Exhibit      11.2**

**CPI      Corp.**

**Computation      of Per Common Share Earnings (Loss) - Basic**

| *thousands,                except share and per share data*                |   | 12                Weeks Ended |        |   | 24                Weeks Ended |   |
|----------------------------------------------------------------------------|--------|-------------------------------|-------------|--------|-------------------------------|--------|
|                                                                       |   | July                21, 2007  |        |   | July                22, 2006  |   |   | July                21, 2007 |   |   | July                22, 2006 |   |
| Basic:                                                                     |   |                          |        |   |                          |   |   |   |   |   |   |   |
| Net                earnings (loss) applicable to common shares             |   | $                             | (3,402      | )      |                          | $      | 640 |   |   | $ | (847 | ) |   | $ | 2,484 |   |
|                                                                       |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Shares:                                                                    |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average number of common and                       |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| common                equivalent shares outstanding                        |   |                          | 17,005,685  |   |                          |   | 16,960,253 |   |   |   | 16,993,715 |   |   |   | 16,970,650 |   |
| Less:                Treasury stock - weighted average                     |   |                          | (10,619,570 | )      |                          |   | (10,617,932 | ) |   |   | (10,618,935 | ) |   |   | (10,617,065 | ) |
|                                                                       |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average number of common and common equivalent     |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| shares                outstanding                                          |   |                          | 6,386,115   |   |                          |   | 6,342,321 |   |   |   | 6,374,780 |   |   |   | 6,353,585 |   |
|                                                                       |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net                earnings (loss) per common and common equivalent shares |   | $                             | (0.53       | )      |                          | $      | 0.10 |   |   | $ | (0.13 | ) |   | $ | 0.39 |   |
|                                                                       |   |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |