EXHIBIT 11.1

CPI Corp.

Computation of Per Common Share Loss - Diluted

(Unaudited)

in thousands, except share and per share data	12 Weeks Ended
	April 28, 2012			April 30, 2011
Diluted:
Net (loss) income applicable to common shares	$	(4,644	)	$	747
Shares:
Weighted average number of common shares outstanding	9,111,355			9,092,429
Dilutive effect of exercise of certain stock options	—			4,244
Less: Treasury stock - weighted average	(2,097,043		)	(2,098,333		)
Weighted average number of common and common equivalent shares outstanding	7,014,312			6,998,340
Net (loss) income per common and common equivalent shares	$	(0.66	)	$	0.11