EXHIBIT 11.2
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
(in thousands of dollars or shares except per share amounts)
Twenty-four Weeks Ended July 22, 2000 and July 24, 1999
<CAPTION>
Twenty-four Weeks Ended
-----------------------
July 22, July 24,
2000 1999
--------- ---------
<S> <C> <C>
Diluted:
Net earnings (loss) applicable to
common shares:
From continuing operations $ 4,191 $ 385
From discontinued operations (583) (1,271)
--------- ---------
Net earnings (loss) $ 3,608 $ (886)
========= =========
Shares:
Weighted average number of
common shares outstanding 17,822 17,772
Shares issuable under employee
stock plans - weighted average 33 --*
Dilutive effect of exercise of
certain stock options 193 --*
Less: Treasury stock-weighted average (9,725) (7,864)
--------- ---------
Weighted average number of common and
common equivalent shares outstanding 8,323 9,908
========= =========
Net earnings (loss) per common and
common equivalent shares:
From continuing operations $ 0.50 $ 0.04
From discontinued operations (0.07) (0.13)
--------- ---------
Net earnings (loss) $ 0.43 $ (0.09)
========= =========
<FN>
* The dilutive effect of stock options in the amount of 315,203
shares and 34,110 shares issuable under employee stock plans
were not considered as the effect is antidilutive.
</FN>
</TABLE>
34
