FLAGSTAR BANCORP INC
10-Q, EX-11, 2000-11-13
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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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 nine months
                                                                   Ended September 30,             Ended September 30,
                                                                  2000            1999            2000             1999
                                                             -------------     -----------    ------------    -------------
                                                                               (In thousands, except share data)

<S>                                                              <C>              <C>              <C>              <C>
Net Earnings                                                     $ 9,020          $ 7,204          $21,404          $30,266

Average common shares outstanding                                 11,922           13,689           12,245           13,679

Net earnings per share - basic                                   $  0.75          $  0.52          $  1.75          $  2.21

Average common share equivalents outstanding                      12,667           13,984           12,511           14,128

Net earnings per share - diluted                                 $  0.71          $  0.51          $  1.71          $  2.14
</TABLE>




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