FLOWSERVE CORP — Director's Dealing 2007

Aug 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-08-20

Reporting Person: KLING LEWIS M (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-20	Common Stock ($1.25 par value per share)	S	16490	$67.00	Disposed	121280	Indirect
2007-08-20	Common Stock ($1.25 par value per share)	S	16491	$67.00	Disposed	104789	Indirect
2007-08-22	Common Stock ($1.25 par value per share)	M	19271	$23.27	Acquired	124060	Indirect
2007-08-22	Common Stock ($1.25 par value per share)	S	19271	$68.05	Disposed	104789	Indirect
2007-08-21	Common Stock ($1.25 par value per share)	M	4297	$23.27	Acquired	16121	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-22	Stock Option (right-to-buy)	$23.27	M	19271	Disposed	2014-07-09	Common Stock (19271)	Indirect
2007-08-21	Stock Option (right-to-buy)	$23.27	M	4297	Disposed	2014-07-09	Common Stock (4297)	Direct

Footnotes

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

F2: Shares were exercised and held pursuant to a 10b5-1 plan previously entered into by the reporting person.