Silverleaf Resorts S-3 Shelf registration

Exhibit 12.1

Silverleaf Resorts, Inc.
Computation of Ratios

The computation of the ratio of earnings to fixed charges for the six months ended June 30, 2007 and the years ended December 31, 2006, 2005, 2004, 2003 and 2002 are as follows:

	Six Months
	Ended		Years Ended December 31,
(in 000’s)	June 30, 2007		2006		2005		2004		2003			2002
Pretax income (loss) from continuing operations	$	23,239	$	37,408	$	32,151	$	13,158	$	(14,628	)	$	20,764
Add back fixed charges, excluding capitalized interest		12,289		22,545		17,980		18,371		17,356			23,104
Income, as adjusted	$	35,528	$	59,953	$	50,131	$	31,529	$	2,728		$	43,868
Fixed charges:
Interest on indebtedness	$	11,777	$	21,662	$	17,253	$	17,627	$	16,550		$	22,192
Interest element of rentals		512		883		727		744		806			912
Portion of interest cost capitalized to Inventory		880		869		1,100		322		279			271
Total fixed charges	$	13,169	$	23,414	$	19,080	$	18,693	$	17,635		$	23,375
Ratio of earnings to fixed charges		2.70		2.56		2.63		1.69		0.15			1.88