img.on("load") firing far too many times

The following code is executing almost 100 times for the 10 images it's supposed to handle the src-loaded event for. Not exactly what I expected. What am I doing wrong?

$(".carousel-inner div.item img").on("load", function () {
    //build the indicators list
    foo();

    console.debug(accumulator++);
    if (carouselImagesLoaded == numberPhotos) {
       foo2();
    }
}).each(function () {
    if (this.complete) $(this).load();
});