Next week, TNT’s Dallas will complete its third season — the first full one without JR Ewing. How’s the TV show done in the ratings? Will it be renewed for a fourth season or will it be cancelled instead?

Airing on Monday nights, Dallas continues to follow the machinations of the dysfunctional and powerful Ewing clan. The cast includes Josh Henderson, Jesse Metcalfe, Jordana Brewster, Julie Gonzalo, Brenda Strong, Patrick Duffy, Linda Gray, Mitch Pileggi, Emma Bell, Kuno Becker, and Juan Pablo Di Pace.

The third season began airing in late February and the first episode was down by 11% when compared to the second season opener. That was a reasonable decline but then the second installment dropped by 27%. The numbers dropped even lower as the season progressed.

Year-to-year, Dallas is down by 26% in viewership and down by 38% in the 18-49 demographic. It’s one of TNT’s lowest-rated scripted series and that’s not a good sign for the show’s future prospects. It also has a large cast so that means it’s not a cheap series either.

On the positive side, there’s some financial incentive to keep the show going. Dallas is produced by Warner Horizon Television which, like TNT, is part of the Time Warner corporation. Also, at the end of season three, there will only be 40 episodes. That’s not enough for a syndication package so if the execs are on the fence about whether to renew or cancel, that could work in the show’s favor.

I suspect that TNT will renew Dallas for a fourth season but, with ratings like these, the show could certainly be cancelled.

But, what do you think? Have you grown tired of the new Dallas TV series? Should it be cancelled or renewed for a fourth season?

Update: TNT has cancelled Dallas after three seasons. Details here.