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, 2000 |  | September 30, 1999
|                                                             |  |   |                    |  |                   
|BASIC:                                                      
|                                                            
|                                                            
|                                                            
|                                                            
|Weighted average number of common shares outstanding         |  |   | 8,010              |  |                    |   | 7,983 | 
|                                                             |  |   |                    |  |                    |   |       |  | 
|Net income allocable to common shareholders                  |  | $ | 1,470              |  |                    | $ | 1,294 | 
|                                                             |  |   |                    |  |                    |   |       |  | 
|Net income per common share  basic                          |  | $ | 0.18               |  |                    | $ | 0.16  | 
|                                                             |  |   |                    |  |                    |   |       |  | 
|DILUTED:                                                    
|                                                            
|                                                            
|                                                            
|                                                            
|Weighted average number of common shares outstanding         |  |   | 8,010              |  |                    |   | 7,983 | 
|                                                            
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|Weighted average common stock equivalents -
Dilutive options |  |   | 560                |  |                    |   | 639   | 
|                                                             |  |   |                    |  |                    |   |       |  | 
|Weighted average number of common shares outstanding         |  |   | 8,570              |  |                    |   | 8,622 | 
|                                                             |  |   |                    |  |                    |   |       |  | 
|Net income allocable to common shareholders                  |  | $ | 1,470              |  |                    | $ | 1,294 | 
|                                                             |  |   |                    |  |                    |   |       |  | 
|Net income per common share  diluted                        |  | $ | 0.17               |  |                    | $ | 0.15  | 
|                                                             |  |   |                    |  |                    |   |       |  |