Exhibit 11.1

THOUSAND TRAILS, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Dollars and common shares in thousands)

|                                                     |                  |   |                   |     |                   |   |       |     | 
|---------------------------------------------------- | ---------------- | - | ----------------- | --- | ----------------- | - | ----- | --- | 
|                                                     |                  |   | Six Months Ended  |     | Six Months Ended 
|                                                     |                  |   | December 31, 2000 |     | December 31, 1999
|                                                     |                  |   |                   |     |                  
|BASIC:                                              
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|                                                    
|                                                    
|                                                    
|Weighted average number of common shares outstanding |                  |   | 8,047             |     |                   |   | 7,980 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income allocable to common shareholders          |                  | $ | 2,379             |     |                   | $ | 2,188 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income per common share
 basic                  |                  | $ | 0.29              |     |                   | $ | 0.27  |    
|                                                     |                  |   |                   |     |                   |   |       |    
|DILUTED:                                            
|                                                    
|                                                    
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|                                                    
|Weighted average number of common shares outstanding |                  |   | 8,047             |     |                   |   | 7,980 |    
|                                                    
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|Weighted average common stock equivalents -         
|                                                    
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|                                                     | Dilutive options |   |                   | 531 |                   |   |       | 637 | 
|                                                     |                  |   |                   |     |                   |   |       |    
|Weighted average number of common shares outstanding |                  |   | 8,578             |     |                   |   | 8,617 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income allocable to common shareholders          |                  | $ | 2,379             |     |                   | $ | 2,188 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income per common share
 diluted                |                  | $ | 0.28              |     |                   | $ | 0.25  |    
|                                                     |                  |   |                   |     |                   |   |       |