EXHIBIT 11.2

CPI Corp.

Computation of Per Common Share Income - Basic

(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
Basic:
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
Less: Treasury stock - weighted average		(2,097,043	)		(2,133,566	)		(2,098,666	)		(2,133,566	)
Weighted average number of common and common
equivalent shares outstanding		7,040,441			7,318,746			7,016,291			7,244,031
Net (loss) income per common and common equivalent shares	$	(0.89	)	$	(0.25	)	$	(0.78	)	$	0.65