FLOWSERVE CORP — Director's Dealing 2006

Oct 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2006-10-26

Reporting Person: KLING LEWIS M (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-26	Common Stock ($1.25 par value per share)	G	159424	$0.00	Disposed	0	Direct
2006-10-26	Common Stock ($1.25 par value per share)	G	159424	$0.00	Acquired	159424	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-26	Stock Option (right-to-buy)	$23.27	G	70703	Disposed	2014-07-09	Common Stock (70703)	Direct
2006-10-26	Stock Option (right-to-buy)	$24.90	G	12968	Disposed	2015-02-16	Common Stock (12968)	Direct
2006-10-26	Stock Option (right-to-buy)	$30.95	G	11000	Disposed	2015-07-13	Common Stock (11000)	Direct
2006-10-26	Stock Option (right-to-buy)	$33.86	G	69748	Disposed	2015-07-28	Common Stock (69748)	Direct
2006-10-26	Stock Option (right-to-buy)	$48.17	G	87925	Disposed	2016-02-15	Common Stock (87925)	Direct
2006-10-26	Stock Option (right-to-buy)	$23.27	G	70703	Acquired	2014-07-09	Common Stock (70703)	Indirect
2006-10-26	Stock Option (right-to-buy)	$24.90	G	12968	Acquired	2015-02-16	Common Stock (12968)	Indirect
2006-10-26	Stock Option (right-to-buy)	$33.86	G	69748	Acquired	2015-07-28	Common Stock (69748)	Indirect
2006-10-26	Stock Option (right-to-buy)	$30.95	G	11000	Acquired	2015-07-13	Common Stock (11000)	Indirect
2006-10-26	Stock Option (right-to-buy)	$48.17	G	87925	Acquired	2016-02-15	Common Stock (87925)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	724.83	Indirect

Footnotes

F1: The reported transactions reflect the reporting person's transfer of options as gift to The Lewis Mark Kling Trust dated November 22, 1996.

F2: The 70,703 non-qualified stock options and the remaining 4,297 incentive stock options vest and become exercisable on July 9, 2007.

F3: The 12,968 non-qualified stock options vest and become exercisable as follows: 2,984 on February 16, 2006, 7,000 on February 16, 2007 and 2,984 option shares on February 16, 2008. The 8,032 remaining incentive stock options vest and become exercisable as follows: 4,016 on February 16, 2006 and 4,016 on February 16, 2008.

F4: The 11,000 non-qualified stock options vest and become exercisable as follows: 3,667 on July 14, 2006, 3,666 on July 14, 2007 and 3,667 on July 14, 2008.

F5: The 69,748 non-qualified stock options vest and become exercisable as follows: 23,250 on July 28, 2006, 23,249 on July 28, 2007 and 23,249 on July 28, 2008.

F6: The 87,925 non-qualified stock options vest and become exercisable as follows: 30,000 on February 16, 2007, 30,000 on February 16, 2008 and 27,925 on February 16, 2009. The 2,075 remaining incentive stock options vest and become exercisable on February 16, 2009.

F7: The 70,703 non-qualified stock options vest and become exercisable on July 9, 2007.

F8: The 12,968 non-qualified stock options vest and become exercisable as follows:
2,984 on February 16, 2006, 7,000 on February 16, 2007, and 2,984 on February 16, 2008.

F9: The 69,748 non-qualified stock options vest and become exersisable as follows:
23,250 on July 28, 2006, 23,249 on July 28, 2007 and 23,249 on July 28, 2008.

F10: The 87,925 non-qualified stock options vest and become exercisable as follows:
30,000 on February 16, 2007, 30,000 on February 16, 2008 and 27,925 on February 16, 2009.