FLOWSERVE CORP — Director's Dealing 2006

Nov 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Guiltinan Richard J JR (VP,Controller,Chief Acct Ofcr)

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	2867	$22.90	Acquired	23684	Direct
2006-11-17	Common Stock ($1.25 par value per share)	M	1500	$24.90	Acquired	25184	Direct
2006-11-17	Common Stock ($1.25 par value per share)	M	963	$30.95	Acquired	26147	Direct
2006-11-17	Common Stock ($1.25 par value per share)	F	2437	$54.50	Disposed	23710	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-16	Stock Option (right-to-buy)	$22.90	M	2867	Disposed	2014-07-15	Common Stock (2867)	Direct
2006-11-16	Stock Option (right-to-buy)	$24.90	M	1500	Disposed	2015-02-16	Common Stock (1500)	Direct
2006-11-17	Stock Option (right-to-buy)	$30.95	M	963	Disposed	2015-07-13	Common Stock (963)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	95.17	Indirect

Footnotes

F1: 2,867 options are fully vested and exercisable and the remaining 1,433 options vest on July 15, 2007.

F2: 1,500 option shares are vested and exercisable and the remaining 3,000 option shares vest and become exercisable in two equal annual installments on February 16, 2007 and February 16, 2008.

F3: Reporting person was granted 9,500 options, 5,550 of which are non-qualified stock options and 3,950 of which are incentive stock options. Non-qualified stock options vest as follows: 2,204 on 7/14/2006; 2,203 on 7/14/2007 and 1,143 on 7/14/2008. Incentive stock options vest as follows: 963 on 7/14/2006; 963 on 7/14/2007 and 2,024 on 7/14/2008.