EXHIBIT      11.2

**CPI      Corp.**

**Computation      of Per Common Share Earnings - Basic**

|                                                                  |                                                          |   12                  Weeks Ended                                                                 |
|-----------------------------------------------------------------------|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
| *thousands,                  except share and per share data*         |                                                          | April                  28, 2007                                                                             |   | April                  29, 2006 |
|                                                                  |                                                          |                                                                                                        |   |   |
| Basic:                                                                |                                                          |                                                                                                        |   |   |
|                                                                  | Net                  earnings applicable to common shares     |                                                                                                        |  $              2,555 |   |  $            1,844 |
|                                                                  |                                                          |                                                                                                        |   |   |   |
| Shares:                                                               |                                                          |                                                                                                        |   |   |
|                                                                  | Weighted                  average number of common and        |                                                                                                        |   |   |   |
|                                                                  |                                                          | common                  equivalent shares outstanding                                                       |   |         16,981,744 |   |       16,981,047 |
|                                                                  | Less:                  Treasury stock - weigted average       |                                                                                                        |                          (10,618,299) |   |       (10,616,198) |
|                                                                  |                                                          |                                                                                                        |   |   |
|                                                                  | Weighted                  average number of common and common |                                                                                                        |   |   |   |
|                                                                  |                                                          | equivalent                  shares outstanding                                                              |   |           6,363,445 |   |         6,364,849 |
|                                                                  |                                                          |                                                                                                        |   |   |
| Net                  earnings per common and common equivalent shares |                                                          |  $                0.40 |   |  $              0.29 |
|                                                                  |                                                          |                                                                                                        |   |   |