EXHIBIT 11.1
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
(in thousands of dollars or shares except per share amounts)
Twelve Weeks Ended July 22, 2000 and July 24, 1999
<CAPTION>
Twelve Weeks Ended
----------------------
July 22, July 24,
2000 1999
--------- ---------
<S> <C> <C>
Diluted:
Net earnings (loss) applicable to
common shares:
From continuing operations $ 2,011 $ (321)
From discontinued operations (583) (639)
--------- ---------
Net earnings (loss) $ 1,428 $ (960)
========= =========
Shares:
Weighted average number of
common shares outstanding 17,824 17,781
Shares issuable under employee
stock plans - weighted average 34 --*
Dilutive effect of exercise of
certain stock options 181 --*
Less: Treasury stock-weighted average (9,863) (7,864)
--------- ---------
Weighted average number of common and
common equivalent shares outstanding 8,176 9,917
========= =========
Net earnings (loss) per common and
common equivalent shares:
From continuing operations $ 0.25 $ (0.03)
From discontinued operations (0.07) (0.07)
--------- ---------
Net earnings (loss) $ 0.18 $ (0.10)
========= =========
<FN>
* The dilutive effect of stock options in the amount of 402,946
shares and 34,159 shares issuable under employee stock plans
were not considered as the effect is antidilutive.
</FN>
</TABLE>
