FLOWSERVE CORP — Director's Dealing 2008

Mar 6, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2008-03-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-05	Common Stock ($1.25 par value per share)	S	4000	$106.14	Disposed	13172	Direct
2008-03-05	Common Stock ($1.25 par value per share)	M	2833	$22.90	Acquired	16005	Direct
2008-03-05	Common Stock ($1.25 par value per share)	S	2833	$106.55	Disposed	13172	Direct
2008-03-05	Common Stock ($1.25 par value per share)	M	1423	$24.90	Acquired	14595	Direct
2008-03-05	Common Stock ($1.25 par value per share)	S	1423	$106.55	Disposed	13172	Direct
2008-03-05	Common Stock ($1.25 par value per share)	M	4243	$24.90	Acquired	17415	Direct
2008-03-05	Common Stock ($1.25 par value per share)	S	4243	$106.55	Disposed	13172	Direct
2008-03-05	Common Stock ($1.25 par value per share)	M	2166	$30.95	Acquired	15338	Direct
2008-03-05	Common Stock ($1.25 par value per share)	S	2166	$106.55	Disposed	13172	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-05	Stock Option (right-to-buy)	$22.90	M	2833	Disposed	2014-07-15	Common Stock (2833)	Direct
2008-03-05	Stock Option (right-to-buy)	$24.90	M	1423	Disposed	2015-02-16	Common Stock (1423)	Direct
2008-03-05	Stock Option (right-to-buy)	$24.90	M	4243	Disposed	2015-02-16	Common Stock (4243)	Direct
2008-03-05	Stock Option (right-to-buy)	$30.95	M	2166	Disposed	2015-07-13	Common Stock (2166)	Direct

Footnotes

F1: All of the option shares are fully vested and exercisable.

F2: 2,166 option shares are fully vested and exercisable and the remaining 2,167 option shares will vest and become exercisable as follows: 951 option shares on July 14, 2008 and 1,216 option shares on July 24, 2008.