<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>2
<FILENAME>k84979exv11.txt
<DESCRIPTION>COMPUTATION OF NET EARNINGS PER SHARE
<TEXT>
<PAGE>

                                   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
                                                                  ended March 31,
                                                                 2004       2003
                                                               --------    -------
<S>                                                            <C>         <C>
Net Earnings                                                   $ 36,957    $41,327

Average common shares outstanding                                60,738     59,250

Net earnings per share - basic                                 $   0.61    $  0.70

Average common share equivalents outstanding                     64,236     62,618

Net earnings per share - diluted                               $   0.57    $  0.66
</TABLE>

All share data has been adjusted to reflect the 2 for 1 stock dividend issued on
May 15, 2003.

                                       34


</TEXT>
</DOCUMENT>