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		2004
Pretax income (loss) from continuing operations	$	29,363	$	45,102	$	37,408	$	32,151	$	13,158
Add back fixed charges,excluding capitalized interest		30,128		25,808		22,545		17,980		18,371
Income, as adjusted	$	59,491	$	70,910	$	59,953	$	50,131	$	31,529
Fixed charges:
Interest on debt and capitalized leases	$	28,554	$	24,610	$	21,662	$	17,253	$	17,627
Portion of interest cost capitalized to Inventory		1,881		2,134		869		1,127		322
Interest element of rentals		1,574		1,198		883		727		744
Total fixed charges	$	32,009	$	27,942	$	23,414	$	19,107	$	18,693
Ratio of earnings to fixed charges		1.86		2.54		2.56		2.62		1.69