EXHIBIT 11.1

| CPI CORP. COMPUTATION OF INCOME (LOSS) PER SHARE - DILUTED                  |
|-----------------------------------------------------------------------------|
| 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 |   |
| Shares issuable under employee stock plans - weighted average  |                              |   | 12,921    |       |   |   | -          |        |  (a) |   | 2,973 |   |
| Dilutive effect of exercise of certain stock options           |                              |   | 14,549    |       |   |   | -          |        |  (a) |   | 21,772 |   |
|                                                           |                              |   |      |       |   |   |       |        |      |   |   |   |
| Less:                                                          | Treasury stock - weighted average |   |      | (2,285,481 | )      |   |       | (10,559,403 | )         |   |   | (10,619,299 | ) |
|                                                           |                              |   |      |       |   |   |       |        |      |   |   |   |
| Weighted average number of common and common equivalent shares |                              |   | 7,019,981 |       |   |   | 6,509,840  |        |      |   | 6,415,706 |   |
|                                                           |                              |   |      |       |   |   |       |        |      |   |   |   |
| 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 |   |
|                                                           |                              |   |      |       |   |   |       |        |      |   |   |   |   |

| (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. |
|-----|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|