Exhibit 11.1

CPI CORP.Computation of Per
Common Share Earnings (Loss)  Diluted (Unaudited)

|                                                                 | 12 Weeks Ended | 24 Weeks Ended
|---------------------------------------------------------------- | -------------- | --------------
|
|Diluted:                                                         |                |               
|Net earnings (loss) applicable to common shares:                 |                |               
|From continuing operations                                       |                |               
|From discontinued operations                                     |                |               
|                                                                 |                |               
|Net loss                                                         |                |               
|                                                                 |                |               
|Shares:                                                          |                |               
|Weighted average number of common shares                         |                |               
|outstanding                                                      |                |               
|Shares issuable under employee stock plans-                      |                |               
|weighted average                                                 |                |               
|Dilutive effect of exercise of certain stock                     |                |               
|options                                                          |                |               
|Less:  Treasury stock - weighted average                         |                |               
|                                                                 |                |               
|Weighted average number of common and                            |                |               
|common equivalent shares outstanding                             |                |               
|                                                                 |                |               
|Net earnings (loss) per common and common     equivalent shares: |                |               
|From continuing operations                                       |                |               
|From discontinued operations                                     |                |               
|                                                                 |                |               
|Net loss                                                         |                |               
|                                                                 |                |               

| | * | The dilutive effect of stock options in the amount of 22,370 shares and 18,415 shares
issuable under employee stock plans were not considered as the effect is antidilutive.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ** | The dilutive effect of stock options in the amount of 25,953 shares and 28,420 shares
issuable under employee stock plans were not considered as the effect is antidilutive.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | *** | The dilutive effect of stock options in the amount of 11,303 shares and 18,415 shares
issuable under employee stock plans were not considered as the effect is antidilutive.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | **** | The dilutive effect of stock options in the amount of 18,896 shares and 30,400 shares
issuable under employee stock plans were not considered as the effect is antidilutive.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------