**CPI      Corp.**

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

|                                                                                                     |   | 12                Weeks Ended   |        |                                |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|-------------------------------------|--------|
| *thousands,                except share and per share data*                                              |   | April                29, 2006             |        |  April                30, 2005 |   |   |   |
|                                                                                                     |   |                                      |        |                           |   |   |   |
| Diluted:                                                                                                 |   |                                      |        |                           |   |   |   |
| Net                earnings (loss) applicable to common shares                                           |   | $                                         | 1,844       |                                | $      | (2,058 | ) |   |   |
|                                                                                                     |   |                                      |        |                                |   |   |   |   |   |
| Shares:                                                                                                  |   |                                      |        |                                |   |   |   |   |   |
| Weighted                average number of common shares outstanding                                      |   |                                      | 16,981,047  |                                |   | 18,449,151 |   |   |   |
| Shares                issuable under employee stock plans - weighted average                             |   |                                      | -           |                                |   | - |   | * |   |
| Dilutive                effect of exercise of certain stock options                                      |   |                                      | 13,586      |                                |   | - |   | * |   |
| Less:                Treasury stock - weighted average                                                   |   |                                      | (10,616,198 | )                                   |   | (10,639,543 | ) |   |   |
|                                                                                                     |   |                                      |        |                                |   |   |   |   |   |
| Weighted                average number of common and common equivalent shares                outstanding |   |                                      | 6,378,435   |                                |   | 7,809,608 |   |   |   |
|                                                                                                     |   |                                      |        |                                |   |   |   |   |   |
| Net                earnings (loss) per common and common equivalent shares                               |   | $                                         | 0.29        |                                | $      | (0.26 | ) |   |   |
|                                                                                                     |   |                                      |        |                                |   |   |   |   |   |

|  * | The              effect of stock options in the amount of 9,178 shares and 17,003 shares              issuable under employee stock plans were not considered as the effect              is              antidilutive. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|