EX-11

EXHIBIT 11
Flagstar Bancorp, Inc.
Computation of Net Earnings per Share

Net (loss) earnings per share — basic and net (loss) earnings per share — diluted are computed by dividing each such (loss) earnings per share by the weighted average number of common stock and common stock equivalents outstanding during the period, respectively (in thousands, except per share data).


	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
	2009			2008		2009			2008
Net (loss) earnings applicable to common stock	$	(76,586	)	$	15,746	$	(144,004	)	$	5,146
Average common shares outstanding		239,425			66,005		164,235			63,159
Net (loss) earnings per share — basic	$	(0.32	)	$	0.24	$	(0.88	)	$	0.08
Average common share equivalents outstanding		239,425			71,746		164,235			66,260
Net (loss) earnings per share — diluted	$	(0.32	)	$	0.22	$	(0.88	)	$	0.08