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
(in thousands, except per share data).



                                               FOR THE THREE MONTHS ENDED
                                                       MARCH 31,
                                                   2006         2005
                                               -----------   ------------
                                                       
Net Earnings                                   $    18,910   $     19,778
Average common shares outstanding                   63,367         61,459
Net earnings per share - basic                 $      0.30   $       0.32
Average common share equivalents outstanding        64,181         63,899
Net earnings per share - diluted               $      0.29   $       0.31