Exhibit 11.1

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

|                                                      | 16 Weeks Ended | 40 Weeks Ended
|----------------------------------------------------- | -------------- | --------------
|
|Diluted:                                              |                |               
|Net 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 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 53,900 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 16,207 shares and 23,374 shares
issuable under employee stock plans were not considered as the effect is antidilutive.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | *** | The dilutive effect of stock options in the amount of 28,342 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 17,820 shares and 27,589 shares
issuable under employee stock plans were not considered as the effect is antidilutive.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------