FLOWSERVE CORP — Director's Dealing 2008

Aug 7, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2008-08-06

Reporting Person: JOHNSTON MICHAEL F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-08-06	Phantom Stock	$	A	165	Acquired		Common Stock (165)	Direct

Footnotes

F1: Each share of phantom stock is the economic equivalent of one share of common stock, and represents director compensation deferred in the form of common stock pursuant to the issuer's deferred compensation plan.

F2: The shares of phantom stock become payable in the form of common stock on 60 days following the reporting person's termination of service as a member of the issuer's board of directors.