Flagstar Bancorp (FBC) 10-Q 2002 Q2 Quarterly report

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.

	For the quarter				For the six months
	ended June 30,				ended June 30,
	2002		2001			2002		2001
		(In thousands, except share data)
Net Earnings	$	26,418	$	17,496		$	51,941	$	29,393
Average common shares outstanding		29,187		27,396			29,003		27,210
Net earnings per share – basic	$	0.90	$	0.65		$	1.79	$	1.10
Average common share equivalents outstanding		31,207		29,418			30,896		29,343
Net earnings per share – diluted	$	0.85	$	0.60		$	1.68	$	1.01

The data provided herein has been adjusted for the 3 for 2 stock split which was announced on May 2, 2002 and completed on May 31, 2002.

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