FLOWSERVE CORP — Director's Dealing 2006

Feb 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2006-02-15

Reporting Person: DAILEY MARK D (VP, Chief compliance Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-15	Common Stock ($1.25 par value per share)	A	7000	$48.17	Acquired	27691	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-15	Stock Option (right-to-buy)	$48.17	A	12000	Acquired	2016-02-15	Common Stock (12000)	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)	73	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right-to-buy)	$22.9	2014-07-15	Common Stock (6000)	6000	Direct
Stock Option (right-to-buy)	$19.15	2013-07-13	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)	$16.01	2009-09-10	Common Stock (7500)	7500	Direct
Stock Option (right-to-buy)	$30.95	2015-07-13	Common Stock (16500)	16500	Direct

Footnotes

F1: Beneficial interest purchased pursuant to Flowserve Corporation Annual Incentive Plan held in Rabbit Trust.

F2: The 7,000 shares of restricted common stock were issued under the Flowserve Corporation 2004 Stock Compensation Plan. One-third of the shares of restricted common stock vests on February 16, 2007 and the remaining thirds vest February 16, 2008 and February 16, 2009, respectively.

F3: 2,667 option shares vested on July 15, 2005, another 2,666 option shares vest on July 15, 2006 and the remaining 2,667 shares vest on July 15, 2007.

F4: 2,667 option shares vested on July 17, 2004, another 2,666 option shares vest on July 17, 2005 and the remaining 2,667 option shares vest on July 17, 2006.

F5: 2,667 option shares vested on July 17, 2003, another 2,666 option shares vested on July 17, 2004 and the remaining 2,667 option shares vested on July 17, 2005.

F6: All of the option shares are fully vested and exercisable.

F7: Option shares vest and become exercisable in three (3) equal annual installments commencing on July 14, 2006, and then on July 14, 2007 and July 14, 2008, respectively.

F8: Option shares vest and become exercisable in three (3) equal annual installments commencing on February 16, 2007, and the remaining thirds vest on February 16, 2008 and February 16, 2009, respectively.