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 nine months
                                                               Ended September 30,               ended September 30,
                                                               2001             2000            2001            2000
                                                           -------------    ------------    ------------    -------------
                                                                         (In thousands, except share data)
                                                                                                
Net Earnings                                               $      24,567    $      9,020    $     53,959    $      21,404

Average common shares outstanding                                 18,581          17,883          18,289           18,368

Net earnings per share -- basic                            $        1.33    $       0.50    $       2.97    $        1.17

Average common share equivalents outstanding                      20,000          19,001          19,710           18,767

Net earnings per share -- diluted                          $        1.23    $       0.47    $       2.75    $        1.14





The data provided herein has been adjusted for the 3 for 2 stock split which was
announced on June 26, 2001 and completed on July 12, 2001.