Exhibit 11.2

CPI Corp.

Computation of Per Common Share Earnings (Loss) - Basic

(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
Basic:
Net earnings (loss) applicable to common shares	$	(3,402	)	$	640		$	(847	)	$	2,484
Shares:
Weighted average number of common and
common equivalent shares outstanding		17,005,685			16,960,253			16,993,715			16,970,650
Less: Treasury stock - weighted average		(10,619,570	)		(10,617,932	)		(10,618,935	)		(10,617,065	)
Weighted average number of common and common equivalent
shares outstanding		6,386,115			6,342,321			6,374,780			6,353,585
Net earnings (loss) per common and common equivalent shares	$	(0.53	)	$	0.10		$	(0.13	)	$	0.39