EXHIBIT 11 Flagstar Capital Corporation Computation of Net Earnings per Common Share (In thousands, except per share data) In order to calculate net earnings per share of common stock, the Company must first subtract the dividend requirements of the Series A Preferred Shares to arrive at net earnings available to the common stockholders. Net earnings per share are calculated by dividing net earnings available to common stockholders by the average number of common shares outstanding during the period. For the For the For the For the nine nine quarter quarter months months ended ended ended ended September September September September 30, 2002 30, 2001 30, 2002 30, 2001 -------- -------- -------- -------- Net Earnings $3,083 $1,728 $8,901 $5,411 Less: preferred stock dividends 1,222 1,222 3,666 3,666 -------- -------- -------- -------- Net income available to common stockholders $1,861 $ 506 $5,235 $1,745 ======== ======== ======== ======== Average common shares outstanding 1,000 1,000 1,000 1,000 Net earnings per common share $ 1.86 $ 0.51 $ 5.24 $ 1.75