EXHIBIT 11.1
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
(in thousands of dollars or shares except per share amounts)
Sixteen Weeks Ended Nov. 11, 2000 and Nov. 13, 1999
<CAPTION>
Sixteen Weeks Ended
----------------------
Nov. 11, Nov. 13,
2000 1999
--------- ---------
<S> <C> <C>
Diluted:
Net earnings (loss) applicable to
common shares:
From continuing operations $ 2,955 $ (2,663)
From discontinued operations (3,297) (680)
--------- ---------
Net loss $ (342) $ (3,343)
========= =========
Shares:
Weighted average number of
common shares outstanding 17,828 17,784
Shares issuable under employee
stock plans - weighted average 38 --*
Dilutive effect of exercise of
certain stock options 183 --*
Less: Treasury stock-weighted average (10,126) (7,946)
--------- ---------
Weighted average number of common and
common equivalent shares outstanding 7,923 9,838
========= =========
Net earnings (loss) per common and
common equivalent shares:
From continuing operations $ 0.37 $ (0.27)
From discontinued operations (0.41) (0.07)
--------- ---------
Net loss $ (0.04) $ (0.34)
========= =========
<FN>
* The dilutive effect of stock options in the amount of 368,912
shares and 40,967 shares issuable under employee stock plans
were not considered as the effect is antidilutive.
</FN>
</TABLE>
