FLOWSERVE CORP — Director's Dealing 2008

Mar 5, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: KLING LEWIS M (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-03	Common Stock ($1.25 par value per share)	M	23249	$33.86	Acquired	39945	Direct
2008-03-03	Common Stock ($1.25 par value per share)	S	23249	$110.01	Disposed	16696	Direct
2008-03-04	Common Stock ($1.25 par value per share)	M	23250	$33.86	Acquired	39946	Direct
2008-03-04	Common Stock ($1.25 par value per share)	S	23250	$107.13	Disposed	16696	Direct
2008-03-03	Common Stock ($1.25 par value per share)	S	21395	$110.09	Disposed	76126	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-03	Stock Option (right-to-buy)	$33.86	M	23249	Disposed	2015-07-28	Common Stock (23249)	Indirect
2008-03-04	Stock Option (right-to-buy)	$33.86	M	23250	Disposed	2015-07-28	Common Stock (23250)	Indirect

Footnotes

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

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

F3: 46,499 option shares are fully vested and exercisable and the remaining 23,249 option shares will vest on July 28, 2008.