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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.
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<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
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