EXHIBIT

| CPI CORP. COMPUTATION OF INCOME (LOSS) PER SHARE - DILUTED                  |
|-----------------------------------------------------------------------------|
| FISCAL YEARS ENDED FEBRUARY 5, 2011, FEBRUARY 6, 2010, AND FEBRUARY 7, 2009 |

| in thousands except share and per share data                   |   |   |       |   |   |   |       |   |   |   |
|----------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|
|                                                           |   | 2010   |       |   | 2009   |   |       | 2008   |   |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |
| Common shares outstanding at beginning of fiscal period        |   |   | 9,184,081  |   |   |   | 9,199,137  |   |   |   | 17,028,315 |   |   |
| Shares issued during the period - weighted average             |   |   | 206,104    |   |   |   | 78,855     |   |   |   | 40,928 |   |   |
| Shares issuable under employee stock plans - weighted average  |   |   | 11,187     |   |   |   | 12,921     |   |   |   | - |   |  (a) |
| Dilutive effect of exercise of certain stock options           |   |   | 3,866      |   |   |   | 14,549     |   |   |   | - |   |  (a) |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |
| Less: Treasury stock - weighted average                        |   |   | (2,133,566 | )      |   |   | (2,285,481 | )      |   |   | (10,559,403 | ) |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |
| Weighted average number of common and common equivalent shares |   |   | 7,271,672  |   |   |   | 7,019,981  |   |   |   | 6,509,840 |   |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |
| Net income (loss) applicable to common shares:                 |   |   |       |   |   |   |       |   |   |   |   |   |   |
| From continuing operations                                     |   | $      | 11,908     |   |   | $      | 13,797     |   |   | $      | (6,724 | ) |   |
| From discontinued operations                                   |   |   | -          |   |   |   | -          |   |   |   | (961 | ) |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |
| Net income (loss) attributable to CPI Corp.                    |   | $      | 11,908     |   |   | $      | 13,797     |   |   | $      | (7,685 | ) |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |
| Net income (loss) per common and common equivalent shares:     |   |   |       |   |   |   |       |   |   |   |   |   |   |
| From continuing operations                                     |   | $      | 1.64       |   |   | $      | 1.97       |   |   | $      | (1.03 | ) |   |
| From discontinued operations                                   |   |   | -          |   |   |   | -          |   |   |   | (0.15 | ) |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |
| Income (loss) per common share attributable to CPI Corp.       |   | $      | 1.64       |   |   | $      | 1.97       |   |   | $      | (1.18 | ) |   |
|                                                           |   |   |       |   |   |   |       |   |   |   |   |   |   |

| (a)    |   | The effect of stock options in the amount of 10,203 shares and 20,405 shares issuable under employee stock plans were not considered as the effect was antidilutive. |
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