FLOWSERVE CORP — Director's Dealing 2007

May 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-05-22

Reporting Person: RUSNACK WILLIAM C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-22	Common Stock ($1.25 par value per share)	M	2200	$13.13	Acquired	2200	Direct
2007-05-22	Common Stock ($1.25 par value per share)	S	2200	$67.39	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-22	Stock Option (right-to-buy)	$13.13	M	2200	Disposed	2010-04-20	Common Stock (2200)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	14636	Indirect
Common Stock ($1.25 par value per share)	3100	Indirect
Common Stock ($1.25 par value per share)	3800	Indirect

Footnotes

F1: The option shares are fully vested and exercisable.