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 each such 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 Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Net earnings	$	15,131	$	28,640	$	22,890	$	47,550
Average common shares outstanding		60,691		63,509		62,051		63,438
Net earnings per share – basic	$	0.25	$	0.45	$	0.37	$	0.75
Average common share equivalents outstanding		61,110		64,446		62,552		64,333
Net earnings per share — diluted	$	0.25	$	0.44	$	0.37	$	0.74