exv11

EXHIBIT 11
Flagstar Bancorp, Inc.
Computation of Net Earnings per Share

Net (loss) earnings per share — basic and net (loss) 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
	March 31,
	2008			2007
Net (loss) earnings	$	(10,599	)	$	7,759
Average common shares outstanding		60,312			63,427
Net (loss) earnings per share – basic	$	(0.18	)	$	0.12
Average common share equivalents outstanding		60,753			64,041
Net (loss) earnings per share — diluted	$	(0.17	)	$	0.12