If you are comparing the price to the prices of Walmart, Target, Sears, etc, then yes, that is high. Did you know that big studios like these operate their photo studios at a loss? Their hope is to bring you into the door to buy other things and to keep you coming back. Did you know that they hire people with NO photography experience? Did you know that computers pick out the "good" photos for you and that the photographers get into trouble if they take too many pictures? Yes, I worked for one of the studios after high school, so am telling the truth. Big chains operate at a loss and it makes it look like independent photographers are making huge profits, which they are not.
My family uses an independent photographer. She charges around $150 for the session, the prints and CD are additional cost. She does a great job and is well worth the money. You are not just paying for the prints or the CD, you are paying for the time and talent it takes to get those pictures. The photographer that we use, she told me that she spends 1-2 hours to/from session and taking pictures, then 2-3 hours picking out great photos and putting a personal editing touch on the photos. Then, placing print orders, answering emails, burning CD's. I'm sure there is a lot more behind the scenes that I don't know about. Plus, I'm sure she has to pay business taxes, keep up with her equipment and who knows what else.
Now, I don't know if the people who did your child's pictures are a small independent business or not. But, more than likely, they didn't just take the picture and do nothing with it. I would hope they had adorable posing and were creative and took some time to edit to make the picture perfect. If that is the case, $140 is a great deal.