|EXHIBIT 11.1


CPI CORP. COMPUTATION OF
EARNINGS PER SHARE - DILUTED FISCAL YEARS ENDED FEBRUARY 7, 2004, FEBRUARY 1, 2003 AND
FEBRUARY 2, 2002
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|                                                           |  |  | 2003 |             | 2002 |   | 2001        |  
|---------------------------------------------------------- |  |  | ---- | ----------- | ---- | - | ----------- | -
|
|Common shares
      outstanding at beginning of            |  | 
|fiscal
      period                                        |  |  |      | 18,288,006  |      |   | 18,201,743  |  
|Shares issued
      during the period - weighted average   |  |  |      | 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              |  |  |      | (10,260,500 | )    |   | (10,238,303 | )
|                                                           |  |  |      |             |      |  
|                                                           |  | 
|Weighted
      average number of common and common         |  | 
|equivalent
      shares                                    |  |  |      | 8,148,164   |      |   | 8,086,472   |  
|                                                           |  |  |      |             |      |  
|Net earnings
      (loss) applicable to common shares:     |  | 
|From
      continuing operations                           |  |  | $    | 1,217,529   |      | $ | 7,633,569   |  
|From
      discontinued operations                         |  |  |      |            |      |   | (1,093,844  | )
|                                                           |  |  |      |             |      |  
|                                                           |  |  |      |             |      |   |             |  
|Net earnings                                               |  |  | $    | 1,217,529   |      | $ | 6,539,725   |  
|                                                           |  |  |      |             |      |  
|                                                           |  | 
|Net earnings
      (loss) per common and common            |  | 
|equivalent
      shares:                                   |  | 
|From
      continuing operations                           |  |  | $    | 0.15        |      | $ | 0.94        |  
|From
      discontinued operations                         |  |  |      |            |      |   | (0.14       | )
|                                                           |  |  |      |             |      |  
|                                                           |  |  |      |             |      |   |             |  
|Earnings
      per common share                            |  |  | $    | 0.15        |      | $ | 0.80        |  
|                                                           |  |  |      |             |      |  

|Options to purchase 167,728, 964,448
and 1,006,620 shares of common stock were outstanding during 2003, 2002 and 2001,
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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