FLOWSERVE CORP — Director's Dealing 2008

May 15, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2008-05-14

Reporting Person: Guiltinan Richard J JR (VP,Controller,Chief Acct Ofcr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-14	Common Stock ($1.25 par value per share)	M	3333	$27.97	Acquired	29378	Direct
2008-05-14	Common Stock ($1.25 par value per share)	S	3333	$126.24	Disposed	26045	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-14	Stock Option (right-to-buy)	$27.97	M	3333	Disposed	2015-04-20	Common Stock (3333)	Direct

Footnotes

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

F2: All of the option shares are fully vested and exercisable.