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 three months For the nine months
ended September 30, ended September 30,
2003 2002 2003 2002
------------ ------------ ------------ ------------
(In thousands, except share data)
Earnings before cumulative effect of a change in
accounting principle $ 90,774 $ 26,620 $ 217,681 $ 78,561
Cumulative effect of a change in accounting
principle
-- 18,716 -- 18,716
------------ ------------ ------------ ------------
Net Earnings $ 90,774 $ 45,336 $ 217,681 $ 97,277
============ ============ ============ ============
Average common shares outstanding 60,005 58,572 59,559 58,196
Earnings per share before cumulative effect of a
change in accounting principle - basic $ 1.51 $ 0.45 $ 3.65 $ 1.35
Earnings per share from cumulative effect of a
change in accounting principle - basic $ -- $ 0.32 $ -- $ 0.32
------------ ------------ ------------ ------------
Net earnings per share - basic $ 1.51 $ 0.77 $ 3.65 $ 1.67
============ ============ ============ ============
Average common share equivalents outstanding 63,933 61,930 63,558 61,796
Earnings per share before cumulative effect of a
change in accounting principle - diluted $ 1.42 $ 0.43 $ 3.42 $ 1.27
Earnings per share from cumulative effect of a
change in accounting principle - diluted $ -- $ 0.30 $ -- $ 0.30
------------ ------------ ------------ ------------
Net earnings per share - diluted $ 1.42 $ 0.73 $ 3.42 $ 1.57
============ ============ ============ ============
The data provided herein has been adjusted for the 2 for 1 stock split, which
was announced on April 23, 2003 and completed on May 15, 2003.