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 each such earnings per share 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 SIX MONTHS ENDED
                                                                  JUNE 30,
                                                           2006              2005
                                                       -----------       -----------
                                                                   
Net Earnings                                           $    47,550       $    47,578
Average common shares outstanding                           63,438            61,770
Net earnings per share - basic                         $      0.75       $      0.77
Average common share equivalents outstanding                64,333            64,083
Net earnings per share - diluted                       $      0.74       $      0.74