-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 HYPvniK2TnWb0VqUh0Q2ZuQzhif9iYalLNMeM519hH39jaosfu4UdEhY7jG0aQC2
 eUQ5N3WcA20ooC4PKbixUg==

<SEC-DOCUMENT>0001209191-04-031640.txt : 20040617
<SEC-HEADER>0001209191-04-031640.hdr.sgml : 20040617
<ACCEPTANCE-DATETIME>20040617160814
ACCESSION NUMBER:		0001209191-04-031640
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040616
FILED AS OF DATE:		20040617

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CEARLEY SANDRA G
		CENTRAL INDEX KEY:			0001040757
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13003
		FILM NUMBER:		04868929

	BUSINESS ADDRESS:	
		STREET 1:		1221 RIVERBEND DR
		STREET 2:		SUITE 120
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75247
		BUSINESS PHONE:		2146311166

	MAIL ADDRESS:	
		STREET 1:		1221 RIVERBEND DR
		STREET 2:		SUITE 120
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75247

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERLEAF RESORTS INC
		CENTRAL INDEX KEY:			0001033032
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				752259890
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1221 RIVERBEND DR
		STREET 2:		SUITE 120
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75247
		BUSINESS PHONE:		2146311166

	MAIL ADDRESS:	
		STREET 1:		1221 RIVERBEND DR
		STREET 2:		SUITE 120
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75247
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod16211_bod1sgc.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-06-16</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001033032</issuerCik>
        <issuerName>SILVERLEAF RESORTS INC</issuerName>
        <issuerTradingSymbol>SVLF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001040757</rptOwnerCik>
            <rptOwnerName>CEARLEY SANDRA G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2>1221 RIVER BEND DRIVE</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75247</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Corporate Secretary</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, .01 par value</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2004-06-16</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-06-16</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>16666</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.315</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17026</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Incentive Stock Option</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.315</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-06-16</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-06-16</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>16666</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.315</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-06-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-01-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, $.01 Par Value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>80000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>63334</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Exercise of Incentive Stock Options</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Sandra G. Cearley</signatureName>
        <signatureDate>2004-06-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----