<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>2
<FILENAME>ex11.txt
<DESCRIPTION>COMPUTATION OF NET EARNINGS PER SHARE
<TEXT>

<PAGE>   1


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


Net earnings per share - basic and Net earnings per share - diluted are computed
by dividing this amount by the weighted average number of common stock and
common stock equivalents outstanding during the period, respectively.

<TABLE>
<CAPTION>

                                                               For the quarter                For the six months
                                                                ended June 30,                   ended June 30,
                                                            2000             1999            2000             1999
                                                        --------------    ------------    ------------    -------------
                                                                      (In thousands, except share data)
<S>                                                     <C>               <C>           <C>              <C>
Net Earnings                                             $   8,617         $  11,699     $    12,384      $    23,062

Average common shares outstanding                           12,131            13,676          12,408           13,673

Net earnings per share - basic                           $    0.70         $    0.86     $      1.00      $      1.69

Average common share equivalents outstanding                12,131            14,082          12,432           14,178

Net earnings per share - diluted                         $    0.70         $    0.83     $      1.00      $      1.63
</TABLE>


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</TEXT>
</DOCUMENT>