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: 2006-11-21

Reporting Person: Jojo Linda P (VP, Chief Information Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-21	Common Stock ($1.25 par value per share)	M	3333	$23.25	Acquired	22135	Direct
2006-11-21	Common Stock ($1.25 par value per share)	M	1000	$24.90	Acquired	23135	Direct
2006-11-21	Common Stock ($1.25 par value per share)	F	1431	$54.15	Disposed	21704	Direct
2006-11-21	Common Stock ($1.25 par value per share)	F	460	$54.15	Disposed	21244	Direct
2006-11-21	Common Stock ($1.25 par value per share)	S	613	$54.25	Disposed	20631	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-21	Stock Option (right-to-buy)	$23.25	M	3333	Disposed	2014-07-12	Common Stock (3333)	Direct
2006-11-21	Stock Option (right-to-buy)	$24.90	M	1000	Disposed	2015-02-16	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	84.29	Indirect

Footnotes

F1: 3,333 shares are vested and exercisable and the remaining 1,667 shares vest on July 12, 2007.

F2: The option shares vest and become exercisable in three equal annual installments on February 16, 2006; February 16, 2007 and February 16, 2008.