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: Guiltinan Richard J JR (VP,Controller,ChiefAcctOfficer)

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	5000	$48.17	Acquired	21870	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	48	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock option (right-to-buy)	$22.90	2014-07-15	Common Stock (4300)	4300	Direct
Stock Option (right-to-buy)	$24.90	2015-02-16	Common Stock (4500)	4500	Direct
Stock Option (right-to-buy)	$27.97	2015-04-20	Common Stock (5000)	5000	Direct
Stock Option (right-to-buy)	$30.95	2015-07-13	Common Stock (9500)	9500	Direct

Footnotes

F1: New grant represents 5,000 shares of restricted common stock issued under the Flowserve Corporation 2004 Stock Compensation Plan. These shares will vest on February 15, 2009.

F2: The option shares vest in three (3) equal annual installments commencing on July 15, 2005, with the remaining thirds vesting on July 15, 2006 and July 15, 2007, respectively.

F3: The option shares vest and become exercisable in three (3) equal annual installments commencing on February 16, 2006, February 16, 2007 and February 16, 2008, respectively.

F4: The option shares vest and become exercisable in three (3) equal annual installments commencing on April 20, 2006, April 20, 2007 and April 20, 2008, respectively.

F5: The option shares vest and become exercisable in three (3) equal annual installments commencing on July 14, 2006, July 14, 2007 and July 14, 2008, respectively.