FLOWSERVE CORP — Director's Dealing 2007

Nov 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-11-12

Reporting Person: FERGUSON THOMAS E (SVP & Pres Flowserve Pump Div.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-12	Common Stock ($1.25 par value per share)	M	4000	$30.95	Acquired	51992	Direct
2007-11-12	Common Stock ($1.25 par value per share)	S	4000	$92.2989	Disposed	47992	Direct
2007-11-12	Common Stock ($1.25 par value per share)	M	5867	$48.17	Acquired	53859	Direct
2007-11-12	Common Stock ($1.25 par value per share)	S	5867	$92.2989	Disposed	47992	Direct
2007-11-12	Common Stock ($1.25 par value per share)	M	2743	$24.90	Acquired	50735	Direct
2007-11-12	Common Stock ($1.25 par value per share)	S	2743	$92.2989	Disposed	47992	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-12	Stock Option (right-to-buy)	$48.17	M	5867	Disposed	2016-02-15	Common Stock (5867)	Direct
2007-11-12	Stock Option (right-to-buy)	$30.95	M	4000	Disposed	2015-07-13	Common Stock (4000)	Direct
2007-11-12	Stock Option (right-to-buy)	$24.90	M	2743	Disposed	2015-02-16	Common Stock (2743)	Direct

Footnotes

F1: Shares were exercised and sold pursuant to a 10b5-1 plan previously entered into by the reporting person.

F2: 5,867 option shares are vested and exercisable and the remaining 9,658 option shares vest as follows: 5,866 shares on February 16, 2008 and 3,792 shares on February 16, 2009.

F3: 4,000 option shares are vested and exercisable and the remaining 3,988 shares vest and become exercisable on July 14, 2008.

F4: All of the option shares are fully vested and exercisable.