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.

<Table>
<Caption>
                                                         For the three months               For the nine months
                                                          ended September 30,               ended September 30,
                                                        2005              2004            2005              2004
                                                    -------------     -------------    ------------     -------------
                                                                   (In thousands, except share data)

                                                                                         
Net Earnings                                        $    9,460        $   39,991      $    57,038      $   118,138

Average common shares outstanding                       62,288            61,251           61,945           61,251

Net earnings per share - basic                      $     0.15        $     0.65      $      0.92      $      1.94

Average common share equivalents outstanding            64,186            64,148           64,118           64,148

Net earnings per share - diluted                    $     0.15        $     0.62      $      0.89      $      1.84
</Table>