Exhibit 11.2

CPI CORP.
Computation of Per Common Share Earnings (Loss) — Basic
(Unaudited)

	12 Weeks Ended						24 Weeks Ended
	July 19, 2003			July 20, 2002			July 19, 2003			July 20, 2002
Basic:
Net earnings (loss) applicable to common shares:
From continuing operations	$	(825,526	)	$	(143,349	)	$	(3,555,318	)	$	(801,790	)
From discontinued operations		--			134,873			--			80,139
Net loss	$	(825,526	)	$	(8,476	)	$	(3,555,318	)	$	(721,651	)
Shares:
Weighted average number of common shares
outstanding		18,339,171			18,275,894			18,339,127			18,273,624
Less: Treasury stock - weighted average		(10,238,303	)		(10,238,303	)		(10,238,303	)		(10,238,303	)
Weighted average number of common and
common equivalent shares outstanding		8,100,868			8,037,591			8,100,824			8,035,321
Net earnings (loss) per common and common      equivalent shares:
From continuing operations	$	(0.10	)	$	(0.01	)	$	(0.44	)	$	(0.10	)
From discontinued operations		0.00			0.01			0.00			0.01
Net loss	$	(0.10	)	$	(0.00	)	$	(0.44	)	$	(0.09	)