FLOWSERVE CORP — Director's Dealing 2006

Nov 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2006-11-17

Reporting Person: DAILEY MARK D (VP & Chief Compliance Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-17	Common Stock ($1.25 par value per share)	M	2550	$17.8125	Acquired	29623	Direct
2006-11-17	Common Stock ($1.25 par value per share)	F	834	$54.50	Disposed	28789	Direct
2006-11-17	Common Stock ($1.25 par value per share)	S	473	$53.90	Disposed	28316	Direct
2006-11-19	Common Stock ($1.25 par value per share)	A	5000	$0.00	Acquired	33316	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-17	Stock Option (right-to-buy)	$17.8125	M	2550	Disposed	2010-08-22	Common Stock (2550)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	10580	Indirect
Common Stock ($1.25 par value per share)	119.85	Indirect

Footnotes

F1: This is a restricted stock award granted to the reporting person on 11/19/06 under the Flowserve Corporation 2004 Stock Compensation Plan. The grant vests on 11/19/09.

F2: The option shares are fully vested and exercisable.