FLOWSERVE CORP — Director's Dealing 2008

Mar 13, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2008-03-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-12	Common Stock ($1.25 par value per share)	S	1500	$100.38	Disposed	52760	Direct
2008-03-12	Common Stock ($1.25 par value per share)	S	2000	$100.38	Disposed	50760	Direct
2008-03-12	Common Stock ($1.25 par value per share)	M	5866	$48.17	Acquired	56626	Direct
2008-03-12	Common Stock ($1.25 par value per share)	S	5866	$100.38	Disposed	50760	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-12	Stock Option (right-to-buy)	$48.17	M	5866	Disposed	2016-02-15	Common Stock (5866)	Direct

Footnotes

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

F2: Shares were exercised and disposed of pursuant to a 10b5-1 plan previously entered into by the reporting person.

F3: 5,866 option shares are fully vested and exercisable and the remaining 5,867 option shares will vest on February 16, 2009.