EXHIBIT 11.2

| CPI CORP. COMPUTATION OF INCOME (LOSS) PER SHARE - BASIC                    |
|-----------------------------------------------------------------------------|
| FISCAL YEARS ENDED FEBRUARY 6, 2010, FEBRUARY 7, 2009, AND FEBRUARY 2, 2008 |

| in thousands except share and per share data                   |                              |   |            |       |   |   |             |        |   |
|----------------------------------------------------------------|-----------------------------------|--------|-----------------|------------|--------|--------|------------------|-------------|--------|
|                                                           |                              | 2009   |            |       | 2008   |   |             | 2007        |   |
|                                                           |                              |   |            |       |   |   |             |        |   |
| Common shares outstanding at beginning of fiscal period        |                              |   | 9,199,137       |       |   |   | 17,028,315       |        |   |   | 16,975,343 |   |
| Shares issued during the period - weighted average             |                              |   | 78,855          |       |   |   | 40,928           |        |   |   | 34,917 |   |
| Less:                                                          | Treasury stock - weighted average |   |            | (2,285,481 | )      |   |             | (10,559,403 | )      |   |   | (10,619,299 | ) |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |
| Weighted average number of common and common equivalent shares |                              |   |  6,992,511 |       |   |   |   6,509,840 |        |   |   | 6,390,961 |   |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |
| Net income (loss) applicable to common shares:                 |                              |   |            |       |   |   |             |        |   |   |   |   |
|                                                           | From continuing operations        |   | $               | 13,797     |   |   | $                | (6,724      | )      |   | $ | 4,017 |   |
|                                                           | From discontinued operations      |   |            | -          |   |   |             | (961        | )      |   |   | (441 | ) |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |
| Net income (loss)                                              |                              | $      | 13,797          |       |   | $      | (7,685           | )           |   | $ | 3,576 |   |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |
| Net income (loss) per common and common equivalent shares:     |                              |   |            |       |   |   |             |        |   |   |   |   |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |
|                                                           | From continuing operations        |   | $               | 1.97       |   |   | $                | (1.03       | )      |   | $ | 0.63 |   |
|                                                           | From discontinued operations      |   |            | -          |   |   |             | (0.15       | )      |   |   | (0.07 | ) |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |
| Income (loss) per common share                                 |                              | $      | 1.97            |       |   | $      | (1.18            | )           |   | $ | 0.56 |   |
|                                                           |                              |   |            |       |   |   |             |        |   |   |   |   |