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.

	For the quarter
	Ended March 31,
	2001		2000
Net Earnings	$	11,018	$	3,767
Average common shares outstanding		12,009		12,686
Net earnings per share – basic	$	0.92	$	0.30
Average common share equivalents outstanding		12,992		12,733
Net earnings per share – diluted	$	0.85	$	0.30