EXHIBIT 11.4
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE - BASIC
(in thousands of dollars and 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>
Basic:
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
Less: Treasury stock - weighted
average (9,725) (7,864)
--------- ---------
Weighted average number of common
and common equivalent shares
outstanding 8,097 9,908
========= =========
Net earnings (loss) per common and
common equivalent shares:
From continuing operations $ 0.52 $ 0.04
From discontinued operations (0.07) (0.13)
--------- ---------
Net earnings (loss) $ 0.45 $ (0.09)
========= =========
</TABLE>
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