<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>2
<FILENAME>k95986a1exv11.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 three months
                                                           ended March 31,
                                                        2005            2004
                                                    -------------    -----------
<S>                                                 <C>              <C>
Net Earnings                                        $      19,778    $    36,957
Average common shares outstanding                          61,459         60,738
Net earnings per share - basic                      $        0.32    $      0.60
Average common share equivalents outstanding               63,899         64,236
Net earnings per share - diluted                    $        0.31    $      0.57
</TABLE>

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</TEXT>
</DOCUMENT>