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Exhibit 11.1

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

|                                                     |                  |   |                   |     |                   |   |       |     | 
|---------------------------------------------------- | ---------------- | - | ----------------- | --- | ----------------- | - | ----- | --- | 
|                                                     |                  |   | Nine Months Ended |     | Nine Months Ended
|                                                     |                  |   | March 31, 2003    |     | March 31, 2002   
|                                                     |                  |   |                   |     |                  
|BASIC:                                               |                  |   |                   |     |                   |   |       |    
|Weighted average number of common shares outstanding |                  |   | 6,946             |     |                   |   | 8,129 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income allocable to common shareholders          |                  | $ | 7,033             |     |                   | $ | 6,029 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income per common share  basic                  |                  | $ | 1.01              |     |                   | $ | 0.74  |    
|                                                     |                  |   |                   |     |                   |   |       |    
|DILUTED:                                             |                  |   |                   |     |                   |   |       |    
|Weighted average number of common shares outstanding |                  |   | 6,946             |     |                   |   | 8,129 |    
|Weighted average common stock equivalents -          |                  |   |                   |     |                   |   |       |    
|                                                     | Dilutive options |   |                   | 704 |                   |   |       | 509 | 
|                                                     |                  |   |                   |     |                   |   |       |    
|Weighted average number of common shares outstanding |                  |   | 7,650             |     |                   |   | 8,638 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income allocable to common shareholders          |                  | $ | 7,033             |     |                   | $ | 6,029 |    
|                                                     |                  |   |                   |     |                   |   |       |    
|Net income per common share  diluted                |                  | $ | 0.92              |     |                   | $ | 0.70  |    
|                                                     |                  |   |                   |     |                   |   |       |