Note 11

12 Months Ended

Feb. 04, 2012

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS’ EQUITY

Shareholder Rights Plan

The Company has a Shareholders Rights Plan (the "Rights Plan") under which holders of CPI Corp. common stock after March 2000 are granted a dividend distribution of one right (a "Right") for each share of Company common stock held.  Each right entitles stockholders to buy one one-hundredth of a share of Series A Participating Preferred Stock of the Company at an exercise price of $96.00.  Each preferred share fraction is designed to be equivalent in voting and dividend rights to one share of common stock.

The Rights will be exercisable and will trade separately from the shares of common stock only if a person or group, with certain exceptions, acquires beneficial ownership of 20% or more of the shares of common stock or commences a tender or exchange offer that would result in such person or group beneficially owning 20% or more of the shares of common stock.  Prior to this time, the Rights will not trade separately from the common stock. The Company may redeem the Rights at $.001 per Right at any time prior to the occurrence of one of these events. All Rights expire on March 13, 2013.

Each Right will entitle its holders to purchase, at the Right's then-current exercise price, common stock of CPI Corp. having a value of twice the Right’s exercise price.  This amounts to the right to buy common stock of the Company at half price. Rights owned by the party triggering the exercise of Rights will not be exercisable.  In addition, if after any person has become a 20%-or-more stockholder, the Company is involved in a merger or other business combination transaction with another person in which its shares of common stock are exchanged or converted, or sells 50% or more of its assets or earning power to another person, each Right will entitle its holder to purchase, at the Right’s then-current exercise price, shares of common stock of such other person having a value of twice the Right's exercise price.

Open Market Repurchase Program

On August 25, 2010, the Company’s Board of Directors approved a stock repurchase program.  On August 24, 2011, the Company's Board of Directors authorized an extension of its share repurchase program and an increase in total shares from 1.0 million to 1.5 million shares. During the fiscal years ended February 4, 2012 and February 5, 2011, the Company repurchased 52,937 and 324,716 shares of its common stock at an average price of $20.54 and $22.19 per share, respectively, under this program. The remaining maximum number of shares that may yet be purchased under the program as of April 27, 2012 is 1,122,347 shares. The Company's ability to repurchase shares of its common stock is currently restricted pursuant to the Amendment to its Credit Agreement, dated December 16, 2011. See further discussion in Note 10.

Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

The following table shows the computation of comprehensive (loss) income:

in thousands	2011			2010		2009
Net (loss) income	$	(56,867	)	$	11,901	$	13,797
Other comprehensive (loss) income:
Foreign currency translation adjustments	48			521		2,451
Defined benefit plans (1)	(9,622		)	1,439		(4,224		)
Total other comprehensive (loss) income	(9,574		)	1,960		(1,773		)
Total comprehensive (loss) income	$	(66,441	)	$	13,861	$	12,024

(1) Net of tax expense (benefit) of $0.0 million, $892,000 and ($2.6) million for 2011, 2010 and 2009, respectively.

The following table displays the components of accumulated other comprehensive loss as of February 4, 2012, February 5, 2011 and February 6, 2010:

in thousands	2011			2010			2009
Foreign currency translation adjustments	$	(348	)	$	(396	)	$	(917	)
Unfunded projected benefit obligation, net of tax:
Unamortized net actuarial losses	(22,153		)	(12,531		)	(13,970		)
Accumulated other comprehensive loss	$	(22,501	)	$	(12,927	)	$	(14,887	)