FLOWSERVE CORP — Director's Dealing 2007

Feb 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-02-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-22	Common Stock ($1.25 par value per share)	A	5850	$0.00	Acquired	44323	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-22	Restricted Stock Units	$	A	5850	Acquired		Common Stock (5850)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of FLS common stock.

F2: These restricted stock units vest on February 22, 2010 subject to the attainment of performance goals based on return on net assets ("RONA") as measured on December 31, 2009. To the extent restricted stock units are not vested on February 22, 2010, they will be forfeited.