| EXHIBIT 11.1                                                                                                                           |
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| CPI CORP. COMPUTATION OF EARNINGS PER SHARE - DILUTED       FISCAL YEARS ENDED FEBRUARY 5, 2005, FEBRUARY 7, 2004 AND FEBRUARY 1, 2003 |
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| *thousands      except share and per share data*                                  |   |   |   |        |   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|-------------|--------|--------|
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| Common shares      outstanding at beginning of                                    |   |   |   |             |   |   |  |   |   |  |   |
|     fiscal      period                                        |   |   |   | 18,360,238  |   |   | 18,288,006 |   |   | 18,201,743 |   |
| Shares issued      during the period - weighted average                           |   |   |   | 49,536      |   |   | 54,113 |   |   | 76,709 |   |
| Shares issuable      under employee stock plans -                                 |   |   |
|     weighted      average                                     |   |   |   | —      | *      |   | 21,919 |   |   | 31,823 |   |
| Dilutive      effect of exercise of certain stock options                         |   |   |   | —      | *      |   | 44,626 |   |   | 14,500 |   |
|                                                                                   |        |        |        |
|                                                                              |   |   |   |        |   |   |   |   |   |   |   |
| Less: Treasury      stock - weighted average                                      |   |   |   | (10,521,370 | )      |   | (10,260,500 | ) |   | (10,238,303 | ) |
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|                                                                                   |        |        |        |
| Weighted      average number of common and common                                 |   |   |
|     equivalent      shares                                    |   |   |   | 7,888,404   |   |   | 8,148,164 |   |   | 8,086,472 |   |
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|                                                                                   |        |        |        |
| Net earnings      (loss) applicable to common shares:                             |   |   |
|     From      continuing operations                           |   |   | $      | (14,762     | )      | $      | 5,842 |   | $ | 7,783 |   |
|     From      discontinued operations                         |   |   |   | (3,746      | )      |   | (4,624 | ) |   | (1,243 | ) |
|                                                                                   |        |        |        |
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|                                                                              |   |   |   |        |   |   |   |   |   |   |   |
| Net earnings      (Loss)                                                          |   |   | $      | (18,508     | )      | $      | 1,218 |   | $ | 6,540 |   |
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|                                                                                   |        |        |        |
| Net earnings      (loss) per common and common                                    |   |   |
|     equivalent      shares:                                   |   |   |
|         From      continuing operations   |   |   | $      | (1.87       | )      | $      | 0.72 |   | $ | 0.96 |   |
|         From      discontinued operations |   |   |   | (0.48       | )      |   | (0.57 | ) |   | (0.16 | ) |
|                                                                                   |        |        |        |
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|                                                                              |   |   |   |        |   |   |   |   |   |   |   |
| Earnings      (Loss) per common share                                             |   |   | $      | (2.35       | )      | $      | 0.15 |   | $ | 0.80 |   |
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| Options to purchase 190,991, 167,728 and 964,448 shares of common stock were outstanding during 2004, 2003 and 2002, respectively, but were not included in the computation of diluted EPS because the options' exercise price was greater than the average market price of the common shares. |
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| *      | The effect of stock options in the amount of 21,527 shares and 17,422 shares issuable under employee stock plans were not considered as the effect is antidilutive. |
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