EXHIBIT 11.1
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CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED
(in thousands of dollars or shares except per share amounts)
Twelve Weeks Ended April 29, 2000 and May 1, 1999
<CAPTION>
Twelve Weeks Ended
----------------------
April 29, May 1,
2000 1999
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<S> <C> <C>
Diluted:
Net earnings (loss) applicable to
common shares:
From continuing operations $ 2,180 $ 706
From discontinued operations - (632)
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Net earnings $ 2,180 $ 74
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Shares:
Weighted average number of
common shares outstanding 17,820 17,763
Shares issuable under employee
stock plans - weighted average 31 34
Dilutive effect of exercise of
certain stock options 206 228
Less: Treasury stock - weighted
average (9,587) (7,864)
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Weighted average number of common
and common equivalent shares
outstanding 8,470 10,161
========= =========
Net earnings (loss) per common and
common equivalent shares:
From continuing operations $ 0.26 $ 0.07
From discontinued operations - (0.06)
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Net earnings $ 0.26 $ 0.01
========= =========
23
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