FLOWSERVE CORP — Director's Dealing 2008

Aug 26, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2008-08-25

Reporting Person: SHUFF RONALD F (SVP, Sec. and Gen. Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-25	Common Stock ($1.25 par value per share)	M	2167	$30.95	Acquired	22810	Direct
2008-08-25	Common Stock ($1.25 par value per share)	M	800	$48.17	Acquired	23610	Direct
2008-08-25	Common Stock ($1.25 par value per share)	S	5509	$130.7772	Disposed	18101	Direct
2008-08-25	Common Stock ($1.25 par value per share)	S	4479	$131.12	Disposed	13622	Direct
2008-08-25	Common Stock ($1.25 par value per share)	G	1110	$0.00	Disposed	12512	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-08-25	Stock Option (right-to-buy)	$30.95	M	2167	Disposed	2015-07-13	Common Stock (2167)	Direct
2008-08-25	Stock Option (right-to-buy)	$48.17	M	800	Disposed	2016-02-15	Common Stock (800)	Direct

Footnotes

F1: Represents shares originally acquired under the issuer's dividend reinvestment plan.

F2: Represents the weighted average sale price of the securities sold. The shares of common stock reported were sold at prices within the range of $131.06 to $131.20. The reporting person hereby undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price.