| **Exhibit                        11.2**                                                             |   |   |   |                                                                                                                              |         |                                              |         |                                               |       |                                      |        |                                      |      |
|-----------------------------------------------------------------------------------------------------|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------------|--------------|---------------------------------------------------------|------------|------------------------------------------------|-------------|------------------------------------------------|-----------|
|                                                                                                |   |   |   |                                                                                                                              |         |                                              |         |                                               |       |                                      |        |                                      |      |
|                                                                                                |   |   |   |   **CPI                        Corp.**                                                                             |    |                                              |    |                                                    |
|                                                                                                |   |   |   | **Computation of Per Common Share                        Earnings (Loss) -                        Basic**     |         |                                         |         |
|                                                                                                |   |   |   |  (Unaudited)                                                                                                            |         |                                         |         |                                               |       |
|                                                                                                |   |   |   |                                                                                                                              |         |                                              |         |                                               |       |                                      |        |                                      |      |
| *thousands, except share and per share                        data*                                 |   |   |   |                                                                                                                              |         |                                              |         |                                               |       |                                      |        |                                      |      |
|                                                                                                |   |   |   |                                                                                                                              |         | 16                        Weeks Ended   |         |  40                        Weeks Ended   |       |
|                                                                                                |   |   |   |                                                                                                                              |         | November                        12, 2005          |         |  November                        13, 2004          |       |  November                        12, 2005 |        |  November                        13, 2004 |      |
| Basic:                                                                                              |   |   |   |                                                                                                                              |         |                                              |         |                                               |       |                                      |        |                                      |      |
|     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 |   |
|     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 | ) |
|                                                                                                |   |   |   |                                                                                                                              |         |                                              |         |                                                    |       |                                           |        |                                           |      |   |   |   |   |   |   |