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Exhibit 11.1

THOUSAND TRAILS, INC.
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(DOLLARS AND COMMON SHARES IN THOUSANDS)

|                                                     |                  |   |                    |     |                    |   |       |     | 
|---------------------------------------------------- | ---------------- | - | ------------------ | --- | ------------------ | - | ----- | --- | 
|                                                     |                  |   | Three Months Ended |     | Three Months Ended
|                                                     |                  |   | September 30, 2002 |     | September 30, 2001
|                                                     |                  |   |                    |     |                   
|BASIC:                                               |                  |   |                    |     |                    |   |       |    
|                                                     |                  |   |                    |     |                   
|Weighted average number of common shares outstanding |                  |   | 6,920              |     |                    |   | 8,171 |    
|                                                     |                  |   |                    |     |                    |   |       |    
|Net income allocable to common shareholders          |                  | $ | 2,308              |     |                    | $ | 2,153 |    
|                                                     |                  |   |                    |     |                    |   |       |    
|Net income per common share  basic                  |                  | $ | 0.33               |     |                    | $ | 0.26  |    
|                                                     |                  |   |                    |     |                    |   |       |    
|DILUTED:                                             |                  |   |                    |     |                    |   |       |    
|                                                     |                  |   |                    |     |                   
|Weighted average number of common shares outstanding |                  |   | 6,920              |     |                    |   | 8,171 |    
|Weighted average common stock equivalents           |                  |   |                    |     |                    |   |       |    
|                                                     | Dilutive options |   |                    | 763 |                    |   |       | 448 | 
|                                                     |                  |   |                    |     |                    |   |       |    
|Weighted average number of common shares outstanding |                  |   | 7,683              |     |                    |   | 8,619 |    
|                                                     |                  |   |                    |     |                    |   |       |    
|Net income allocable to common shareholders          |                  | $ | 2,308              |     |                    | $ | 2,153 |    
|                                                     |                  |   |                    |     |                    |   |       |    
|Net income per common share  diluted                |                  | $ | 0.30               |     |                    | $ | 0.25  |    
|                                                     |                  |   |                    |     |                    |   |       |