EXHIBIT 11.2
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
(in thousands of dollars or shares except per share amounts)
Forty Weeks Ended Nov. 11, 2000 and Nov. 13, 1999
<CAPTION>
Forty Weeks Ended
-----------------------
Nov. 11, Nov. 13,
2000 1999
--------- ---------
<S> <C> <C>
Diluted:
Net earnings (loss) applicable to
common shares:
From continuing operations $ 7,146 $ (2,279)
From discontinued operations (3,880) (1,950)
--------- ---------
Net earnings (loss) $ 3,266 $ (4,229)
========= =========
Shares:
Weighted average number of
common shares outstanding 17,824 17,777
Shares issuable under employee
stock plans - weighted average 35 --*
Dilutive effect of exercise of
certain stock options 189 --*
Less: Treasury stock-weighted average (9,885) (7,897)
--------- ---------
Weighted average number of common and
common equivalent shares outstanding 8,163 9,880
========= =========
Net earnings (loss) per common and
common equivalent shares:
From continuing operations $ 0.88 $ (0.23)
From discontinued operations (0.48) (0.20)
--------- ---------
Net earnings (loss) $ 0.40 $ (0.43)
========= =========
<FN>
* The dilutive effect of stock options in the amount of 336,687
shares and 36,853 shares issuable under employee stock plans
were not considered as the effect is antidilutive.
</FN>
</TABLE>
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