EXHIBIT 11
Flagstar Bancorp, Inc.
Computation of Net (Loss) 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 Nine Months Ended
	September 30,					September 30,
	2007			2006		2007			2006
Net (loss) earnings	$	(32,055	)	$	20,752	$	(9,165	)	$	68,303
Average common shares outstanding		60,265			63,548		61,450			63,475
Net (loss) earnings per share – basic	$	(0.53	)	$	0.33	$	(0.15	)	$	1.08
Average common share equivalents outstanding		60,636			64,304		61,874			64,323
Net (loss) earnings per share — diluted	$	(0.53	)	$	0.32	$	(0.15	)	$	1.06

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