FLOWSERVE CORP — Director's Dealing 2006

Nov 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2006-11-20

Reporting Person: SHUFF RONALD F (VP, Secretary and Gen. Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-20	Common Stock ($1.25 par value per share)	M	7000	$26.50	Acquired	50267	Direct
2006-11-20	Common Stock ($1.25 par value per share)	M	9000	$30.00	Acquired	59267	Direct
2006-11-20	Common Stock ($1.25 par value per share)	M	8340	$18.50	Acquired	67607	Direct
2006-11-20	Common Stock ($1.25 par value per share)	M	5600	$17.00	Acquired	73207	Direct
2006-11-20	Common Stock ($1.25 par value per share)	M	7800	$17.8125	Acquired	81007	Direct
2006-11-20	Common Stock ($1.25 par value per share)	M	4670	$19.15	Acquired	85677	Direct
2006-11-20	Common Stock ($1.25 par value per share)	S	42410	$54.3536	Disposed	43267	Direct
2006-11-20	Common Stock ($1.25 par value per share)	S	21967	$54.406	Disposed	21300	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	4330	$19.15	Acquired	25630	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	9000	$27.12	Acquired	34630	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	5667	$22.90	Acquired	40297	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	9000	$24.84	Acquired	49297	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	2167	$30.95	Acquired	51464	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	2834	$24.90	Acquired	54298	Direct
2006-11-21	Common Stock ($1.25 par value per share)	S	32998	$54.2392	Disposed	21300	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-20	Stock Option (right-to-buy)	$19.15	M	4670	Disposed	2013-07-17	Common Stock (4670)	Direct
2006-11-21	Stock Option (right-to-buy)	$19.15	M	4330	Disposed	2013-07-17	Common Stock (4330)	Direct
2006-11-21	Stock Option (right-to-buy)	$24.84	M	9000	Disposed	2012-07-17	Common Stock (9000)	Direct
2006-11-21	Stock Option (right-to-buy)	$27.12	M	9000	Disposed	2011-07-18	Common Stock (9000)	Direct
2006-11-20	Stock Option (right-to-buy)	$17.81	M	7800	Disposed	2010-08-22	Common Stock (7800)	Direct
2006-11-20	Stock Option (right-to-buy)	$17.00	M	5600	Disposed	2009-08-03	Common Stock (5600)	Direct
2006-11-20	Stock Option (right-to-buy)	$18.50	M	8340	Disposed	2008-11-02	Common Stock (8340)	Direct
2006-11-20	Stock Option (right-to-buy)	$30.00	M	9000	Disposed	2007-10-23	Common Stock (9000)	Direct
2006-11-21	Stock Option (right-to-buy)	$22.90	M	5667	Disposed	2014-07-15	Common Stock (5667)	Direct
2006-11-21	Stock Option (right-to-buy)	$24.90	M	2834	Disposed	2015-02-16	Common Stock (2834)	Direct
2006-11-21	Stock Option (right-to-buy)	$30.95	M	2167	Disposed	2015-07-13	Common Stock (2167)	Direct
2006-11-20	Stock Option (right-to-buy)	$26.50	M	7000	Disposed	2006-12-31	Common Stock (7000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	4179	Indirect
Common Stock ($1.25 par value per share)	30123	Indirect
Common Stock ($1.25 par value per share)	2704.6	Indirect

Footnotes

F1: The option shares are fully vested and exercisable.

F2: 5,667 shares are fully vested and exercisable and the remaining 2,833 option shares vest on July 15, 2007.

F3: 2,834 shares are fully vested and exercisable and the remaining 5,666 shares vest in two equal annual installments on February 16, 2007 and February 16, 2008.

F4: 2,167 shares are fully vested and exercisable and the remaining 4,333 shares vest as follows: 2,166 shares on July 14, 2007 and 2,167 shares on July 14, 2008.