EXHIBIT

| CPI CORP. COMPUTATION OF INCOME (LOSS) PER SHARE - BASIC                    |
|-----------------------------------------------------------------------------|
| 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 |   |
| Less:Treasury stock - weighted average                                                         |   |   | (2,133,566 | )      |   |   | (2,285,481 | )      |   |   | (10,559,403 | ) |
|                                                                                           |   |   |       |   |   |   |       |   |   |   |   |   |
| Weighted average number of common and common equivalent shares                                 |   |   | 7,256,619  |   |   |   | 6,992,511  |   |   |   | 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 | ) |
|                                                                                           |   |   |       |   |   |   |       |   |   |   |   |   |