FLOWSERVE CORP — Director's Dealing 2006

Oct 20, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2006-10-18

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-18	Common Stock ($1.25 par value per share)	M	7000	$27.5625	Acquired	47827	Direct
2006-10-18	Common Stock ($1.25 par value per share)	F	4560	$54.36	Disposed	43267	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-18	Stock Option (right-to-buy)	$27.5625	M	7000	Disposed	2006-10-29	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: Shares in which the reporting person has beneficial interest under the Issuer's Dividend Reinvestment Plan.

F2: Shares in which the reporting person has a beneficial interest in the Issuer's Deferred Compensation Plan held in the Issuer's Rabbi Trust.