EXHIBIT 11.0 - COMPUTATION OF EARNINGS PER COMMON SHARE

CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
Sixteen Weeks ended November 9, 2002 and November 10, 2001

                                        Sixteen Weeks Ended
                                   ----------------------------
                                   Nov. 9, 2002   Nov. 10, 2001
                                   ------------   -------------
Diluted:
 Net earnings (loss) applicable
  to common shares                 $(4,352,005)   $    153,187
                                   ============   =============
Shares:
 Weighted average number of
  common shares outstanding         18,282,506      18,150,769
 Shares issuable under employee
  stock plans-weighted average               -*         33,011
 Dilutive effect of exercise of
  certain stock options                      -*         36,956
 Less: Treasury stock-weighted
  average                          (10,238,303)    (10,238,235)
                                   ------------   -------------
Weighted average number of common
 and common equivalent shares
 outstanding                         8,044,203       7,982,501
                                   ============   =============
Net earnings (loss) per common
 and common equivalent shares      $     (0.54)   $       0.02
                                   ============   =============

* The dilutive effect of stock options in the amount of
16,207 shares and 23,374 shares issuable under employee
stock plans were not considered as the effect is
antidilutive.









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EXHIBIT 11.0-COMPUTATION OF EARNINGS PER COMMON SHARE (continued)

CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
Forty Weeks ended November 9, 2002 and November 10, 2001

                                         Forty Weeks Ended
                                   ----------------------------
                                   Nov. 9, 2002   Nov. 10, 2001
                                   ------------   -------------
Diluted:
 Net loss applicable to common
  shares                           $(4,819,221)   $   (925,536)
                                   ============   =============
Shares:
 Weighted average number of
  common shares outstanding         18,277,177      18,049,486
 Shares issuable under employee
  stock plans-weighted average               -*             -**
 Dilutive effect of exercise of
  certain stock options                      -*             -**
 Less: Treasury stock-weighted
  average                          (10,238,303)    (10,240,307)
                                   ------------   -------------
Weighted average number of common
 and common equivalent shares
 outstanding                         8,038,874       7,809,179
                                   ============   =============
Net loss per common and common
 equivalent shares                 $     (0.60)   $      (0.12)
                                   ============   =============


* The dilutive effect of stock options in the amount of
17,820 shares and 27,589 shares issuable under employee
stock plans were not considered as the effect is
antidilutive.
** The dilutive effect of stock options in the amount of
71,518 shares and 34,017 shares issuable under employee
stock plans were not considered as the effect is
antidilutive.





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EXHIBIT 11.0-COMPUTATION OF EARNINGS PER COMMON SHARE (continued)
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - BASIC
Sixteen and Forty Weeks ended November 9, 2002 and
November 10, 2001
                                         Sixteen Weeks Ended
                                    ----------------------------
                                    Nov. 9, 2002   Nov. 10, 2001
                                    -------------  -------------
Basic:
 Net earnings (loss) applicable
  to common shares                  $(4,352,005)  $    153,187
                                    =============  =============
Shares:
 Weighted average number of common
  shares outstanding                  18,282,506     18,150,767
 Less: Treasury stock-weighted
  average                            (10,238,303)   (10,238,235)
                                    -------------  -------------
Weighted average number of common
 and common equivalent shares
 outstanding                           8,044,203      7,912,532
                                    =============  =============
Net loss per common and common
 equivalent shares                  $      (0.54)  $       0.02
                                    =============  =============
                                          Forty Weeks Ended
                                    ----------------------------
                                    Nov. 9, 2002   Nov. 10, 2001
                                    -------------  -------------
Basic:
 Net loss applicable to common
  shares                            $ (4,819,221)  $   (925,536)
                                    =============  =============
Shares:
 Weighted average number of
  common shares outstanding           18,277,177     18,049,486
  Less: Treasury stock-weighted
   average                           (10,238,303)   (10,240,307)
                                    -------------  -------------
Weighted average number of common
 and common equivalent shares
 outstanding                           8,038,874      7,809,179
                                    =============  =============
Net loss per common and common
 equivalent shares                  $      (0.60)  $      (0.12)
                                    =============  =============
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