Exhibit      11.1

**CPI      Corp.**

**Computation      of Per Common Share Earnings (Loss) - Diluted**

| *thousands,                except share and per share data*                                                          |                                                | 12                Weeks Ended |        |   | 24                Weeks Ended |   |
|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-------------------------------|-------------|--------|-------------------------------|--------|
|                                                                                                                 |                                                | July                21, 2007  |        |   | July                22, 2006  |   |   | July                21, 2007 |   |   | July                22, 2006 |   |
| Diluted:                                                                                                             |                                                |                          |        |   |                          |   |   |   |   |   |   |   |
|                     Net earnings (loss) applicable to common shares                              |                                                | $                             | (3,402      | )      |                          | $      | 640 |   |   | $ | (847 | ) |   | $ | 2,484 |   |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Shares:                                                                                                              |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|                     Weighted average number of common shares outstanding                         |                                                |                          | 17,005,685  |   |                          |   | 16,960,253 |   |   |   | 16,993,715 |   |   |   | 16,970,650 |   |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|                     Shares issuable under employee stock plans - weighted                average |                                                |                          | -           |   |                          |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|                     Dilutive effect of exercise of certain stock options                         |                                                |                          | -           | *      |                          |   | 26,457 |   |   |   | - | ** |   |   | 20,022 |   |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|                     Less: Treasury stock - weighted average                                      |                                                |                          | (10,619,570 | )      |                          |   | (10,617,932 | ) |   |   | (10,618,935 | ) |   |   | (10,617,065 | ) |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|                     Weighted average number of common and common                                 |                                                |                          | 6,386,115   |   |                          |   | 6,368,778 |   |   |   | 6,374,780 |   |   |   | 6,373,607 |   |
|                                                                                                                 |                  equivalent shares outstanding |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net                earnings (loss) per common and common equivalent shares                                           |                                                | $                             | (0.53       | )      |                          | $      | 0.10 |   |   | $ | (0.13 | ) |   | $ | 0.39 |   |
|                                                                                                                 |                                                |                          |        |   |                          |   |   |   |   |   |   |   |   |   |   |   |

|  * |   | The              effect of stock options in the amount of 27,559 shares were not              considered as the effect is              antidilutive.  |
|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  ** |   | The                effect of stock options in the amount of 26,142 shares were not                considered as the effect is                antidilutive.  |
|----------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|