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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 quarter For the six months
ended June 30, ended June 30,
2000 1999 2000 1999
-------------- ------------ ------------ -------------
(In thousands, except share data)
<S> <C> <C> <C> <C>
Net Earnings $ 8,617 $ 11,699 $ 12,384 $ 23,062
Average common shares outstanding 12,131 13,676 12,408 13,673
Net earnings per share - basic $ 0.70 $ 0.86 $ 1.00 $ 1.69
Average common share equivalents outstanding 12,131 14,082 12,432 14,178
Net earnings per share - diluted $ 0.70 $ 0.83 $ 1.00 $ 1.63
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