EXHIBIT 11.1

CPI Corp.

Computation of Per Common Share Income - Diluted

(Unaudited)

in thousands, except share and per share data	12 Weeks Ended						24 Weeks Ended
	July 23, 2011			July 24, 2010			July 23, 2011			July 24, 2010
Diluted:
Net (loss) income applicable to common shares	$	(6,244	)	$	(1,817	)	$	(5,497	)	$	4,723
Shares:
Weighted average number of common shares outstanding		9,137,484			9,452,312			9,114,957			9,377,597
Dilutive effect of exercise of certain stock options		-	*		-	**		-	***		907
Less: Treasury stock - weighted average		(2,097,043	)		(2,133,566	)		(2,098,666	)		(2,129,186	)
Weighted average number of common and common
equivalent shares outstanding		7,040,441			7,318,746			7,016,291			7,249,318
Net (loss) income per common and common equivalent shares	$	(0.89	)	$	(0.25	)	$	(0.78	)	$	0.65

 * The effect of stock options in the amount of 1,076 shares was not considered as the effect was antidilutive.

 ** The effect of stock options in the amount of 103,016 shares was not considered as the effect was antidilutive.

 *** The effect of stock options in the amount of 2,660 shares was not considered as the effect was antidilutive.