FLOWSERVE CORP — Director's Dealing 2006

Jul 19, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2006-07-15

Reporting Person: DAILEY MARK D (VP and Chief Compliance Office)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-07-15	Common Stock ($1.25 par value per share)	F	309	$53.00	Disposed	27073	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)	119.86	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right-to-buy)	$22.90	2014-07-15	Common Stock (6000)	6000	Direct
Stock Option (right-to-buy)	$19.15	2013-07-17	Common Stock (8000)	8000	Direct
Stock Option (right-to-buy)	$24.84	2012-07-17	Common Stock (8000)	8000	Direct
Stock Option (right-to-buy)	$27.12	2011-07-18	Common Stock (8000)	8000	Direct
Stock Option (right-to-buy)	$17.81	2010-08-22	Common Stock (7400)	7400	Direct
Stock Option (right-to-buy)	$16.06	2009-09-10	Common Stock (7500)	7500	Direct
Stock Option (right-to-buy)	$30.95	2015-07-13	Common Stock (16500)	16500	Direct
Stock Option (right-to-buy)	$48.17	2016-02-15	Common Stock (12000)	12000	Direct

Footnotes

F1: 4,000 option shares are vested and exercisable and the remaining 2,000 option shares vest on July 15, 2007.

F2: The option shares are fully vested and exercisable.

F3: 5,500 option shares are vested and exercisable and the remaining 11,000 option shares vest in two equal annual installments on July 14, 2007 and July 14, 2008.

F4: The option shares vest and become exercisable in three equal annual installments on February 16, 2007, February 16, 2008 and February 16, 2009.