Exhibit 11.1

CPI Corp.

Computation of Per Common Share Earnings (Loss) - Diluted

(Unaudited)

thousands, except share and per share data		12 Weeks Ended						24 Weeks Ended
		July 21, 2007			July 22, 2006			July 21, 2007			July 22, 2006
Diluted:
Net earnings (loss) applicable to common shares		$	(3,402	)	$	640		$	(847	)	$	2,484
Shares:
Weighted average number of common shares outstanding			17,005,685			16,960,253			16,993,715			16,970,650
Shares issuable under employee stock plans - weighted average			-			-			-			-
Dilutive effect of exercise of certain stock options			-	*		26,457			-	**		20,022
Less: Treasury stock - weighted average			(10,619,570	)		(10,617,932	)		(10,618,935	)		(10,617,065	)
Weighted average number of common and common			6,386,115			6,368,778			6,374,780			6,373,607
	equivalent shares outstanding
Net earnings (loss) per common and common equivalent shares		$	(0.53	)	$	0.10		$	(0.13	)	$	0.39

 * The effect of stock options in the amount of 27,559 shares were not considered as the effect is antidilutive. 

 ** The effect of stock options in the amount of 26,142 shares were not considered as the effect is antidilutive.