| **Exhibit                  11.1**                                                                                        |   |        |    |         |   |                                                                                       |         |                                                          |         |         |                             |                                          |         |    |                                     |         |
|--------------------------------------------------------------------------------------------------------------------------|--------|-------------|---------|--------------|--------|--------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------|--------------|--------------|---------------------------------------|-----------------------------------------------|--------------|--------------|------------------------------------------|--------------|
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                     |         |         |                                |         |   |    |   |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         | **CPI                  Corp.**       |         |         |                             |                                          |         |
|                                                                                                                     |   |        |    |         |   | **Computation                  of Per Common Share Earnings (Loss) - Diluted**   |         |                                                               |         |    |                                  |                                          |         |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         | (Unaudited)                          |         |         |                             |                                          |         |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                     |         |         |                                |         |   |    |   |   |
| *thousands,                  except share and per share data*                                                  |   |        |    |    |   |                                                                                       |    |                                                               |         |    |                                  |                                          |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         | 16                  Weeks Ended                                    |         |         |  40                  Weeks Ended |                                          |         |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         | November                  12, 2005                                 |         |         |                                  |  November                  13, 2004 |         |         |  November                  12, 2004 |         |   |  November                  13, 2004 |   |   |
| **Diluted**:                                                                                                             |   |        |    |         |   |                                                                                       |         |                                                               |         |    |                                  |                                          |    |         |                                     |    |   |   |
| Net                  loss applicable to common shares:                                                         |   |        |    |         |   |                                                                                  |         |                                                               |    |         |                                  |                                     |         |         |
| From                  continuing operations                                                          |   | $           | (3,098  | )            |   |                                                                                       | $            | (13,438                                                            | )            |         |                                  | $                                             | (8,173       | )            |                                     |         | $ | (27,607 | ) |   |
| From                  discontinued operations                                                   |   | -           |    |         |   |                                                                                       | (7           | )                                                                  |         |         |                                  | -                                             |         |         |                                     |         | (3,744 | ) |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                |   |        |    |         |   |                                                                                       |         |                                                               |         |         | $                                     | (3,098                                        | )            |         |                                     | $            | (13,445 | ) |   |   | $ | (8,173 | ) |   |   | $ | (31,351 | ) |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares**:                                                                                                              |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |
| Weighted                  average number of common                                                                  |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|      shares                outstanding                                                          |   | 18,511,008  |    |         |   |                                                                                       | 18,423,933   |                                                               |         |         |                                  | 18,485,993                                    |         |         |                                     |         | 18,403,416 |   |   |
| Shares                  issuable under employee stock                                                                    |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|      plans                -                weighted average                                     |   |  -     |    | *            |   |                                                                                       | -            |                                                               | **      |         |                                  | -                                             |         | ***     |                                     |         | - |   | ****  |
| Diluted                  effect of exercise of certain                                                                   |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|       stock                options                                                         |   | -           |    | *       |   |                                                                                       | -            |                                                               | **      |         |                                  | -                                             |         | ***     |                                     |         | - |   | ****  |
| Less:                  Treasury stock-weighted                                                            |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|      average                                                                                    |   | (10,639,543 | )  |         |   |                                                                                       | (10,672,236  | )                                                             |         |         |                                  | (10,639,543                                   | )       |         |                                     |         | (10,476,110 | )  |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                  average number of common     and                  common equivalent shares |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|                       outstanding                                                          |   | 7,871,465   |    |         |   |                                                                                       | 7,751,697    |                                                               |         |         |                                  | 7,846,450                                     |         |         |                                     |         | 7,927,306 |   |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss per common and common                                                                          |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|      equivalent                shares:                                                          |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From                  continuing operations                                                                              |   |        |    |         |   | $                                                                                          | (0.39        | )                                                                  |         |         | $                                     | (1.73                                         | )            |         |                                     | $            | (1.04 | ) |   |   | $ | (3.48 | ) |   |
| From                  discontinued operations                                                   |   | -           |    |         |   |                                                                                       | -            |                                                               |         |         |                                  | -                                             |         |         |                                     |         | (0.47 | ) |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                |   |        |    |         |   |                                                                                       |         |                                                               |         |         | $                                     | (0.39                                         | )            |         |                                     | $            | (1.73 | ) |   |   | $ | (1.04 | ) |   |   | $ | (3.95 | ) |   |
|                                                                                                                     |   |        |    |         |   |                                                                                       |         |                                                               |         |         |                                  |                                          |         |         |                                     |         |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | * | The                    effect of stock options in the amount of 20,111                    shares  were not considered as the effect is                    antidilutive. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ** | The                    effect of 17,003 shares issuable under employee stock plans                    were not considered as the effect is                    antidilutive. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *** | The                    effect of stock options in the amount of 17,255 shares and                    10,202 shares issuable under employee stock plans were not considered                    as                    the effect is antidilutive. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **** | The                    effect of stock options in the amount of 21,916 shares and                    17,137 shares issuable under employee stock plans were not considered                    as                    the effect is                    antidilutive. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|