Silverleaf
      Resorts, Inc.
                
                Exhibit
      12.1
 Ratio
of Earnings to Fixed Charges
 For
the 5 Years Ending December 31, 2008
 
 
 Years
      Ended December 31,(in
      000's)
                          
                          2008
                          
                          
                          2007
                          
                          
                          2006
                          
                          
                          2005
                          
                          
                          2004Pretax
      income (loss) from continuing operations
                          
                          $
                          29,363
                          
                          
                          $
                          45,102
                          
                          
                          $
                          37,408
                          
                          
                          $
                          32,151
                          
                          
                          $
                          13,158Add
      back fixed charges,excluding capitalized interest
                          
                          
                          30,128
                          
                          
                          
                          25,808
                          
                          
                          
                          22,545
                          
                          
                          
                          17,980
                          
                          
                          
                          18,371Income,
      as adjusted
                          
                          $
                          59,491
                          
                          
                          $
                          70,910
                          
                          
                          $
                          59,953
                          
                          
                          $
                          50,131
                          
                          
                          $
                          31,529Fixed
      charges:Interest
      on debt and capitalized leases
                          
                          $
                          28,554
                          
                          
                          $
                          24,610
                          
                          
                          $
                          21,662
                          
                          
                          $
                          17,253
                          
                          
                          $
                          17,627Portion
      of interest cost capitalized toInventory
                          
                          
                          1,881
                          
                          
                          
                          2,134
                          
                          
                          
                          869
                          
                          
                          
                          1,127
                          
                          
                          
                          322Interest
      element of rentals
                          
                          
                          1,574
                          
                          
                          
                          1,198
                          
                          
                          
                          883
                          
                          
                          
                          727
                          
                          
                          
                          744Total
      fixed charges
                          
                          $
                          32,009
                          
                          
                          $
                          27,942
                          
                          
                          $
                          23,414
                          
                          
                          $
                          19,107
                          
                          
                          $
                          18,693Ratio
      of earnings to fixed charges
                          
                          
                          1.86
                          
                          
                          
                          2.54
                          
                          
                          
                          2.56
                          
                          
                          
                          2.62
                          
                          
                          
                          1.69