exv11

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,
	2008		2007		2008		2007
Net earnings	$	15,746	$	15,131	$	5,146	$	22,890
Average common shares outstanding		66,005		60,691		63,159		62,051
Net earnings per share – basic	$	0.24	$	0.25	$	0.08	$	0.37
Average common share equivalents outstanding		71,746		61,110		66,260		62,552
Net earnings per share – diluted	$	0.22	$	0.25	$	0.08	$	0.37