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: 2008-03-04

Reporting Person: DAILEY MARK D (SVP HR & Chief Compliance Ofcr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-04	Common Stock ($1.25 par value per share)	S	7391	$107.13	Disposed	32138	Direct
2008-03-04	Common Stock ($1.25 par value per share)	M	2000	$22.90	Acquired	34138	Direct
2008-03-04	Common Stock ($1.25 par value per share)	S	2000	$107.13	Disposed	32138	Direct
2008-03-04	Common Stock ($1.25 par value per share)	M	9148	$30.95	Acquired	41286	Direct
2008-03-04	Common Stock ($1.25 par value per share)	S	9148	$107.13	Disposed	32138	Direct
2008-03-04	Common Stock ($1.25 par value per share)	M	8000	$48.17	Acquired	40138	Direct
2008-03-04	Common Stock ($1.25 par value per share)	S	8000	$107.13	Disposed	32138	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-04	Stock Option (right-to-buy)	$22.90	M	2000	Disposed	2014-07-15	Common Stock (2000)	Direct
2008-03-04	Stock Option (right-to-buy)	$30.95	M	9148	Disposed	2015-07-13	Common Stock (9148)	Direct
2008-03-04	Stock Option (right-to-buy)	$48.17	M	8000	Disposed	2016-02-15	Common Stock (8000)	Direct

Footnotes

F1: Option shares are fully vested and exercisable.

F2: 9,148 option shares are fully vested and exercisable and the remaining 2,269 option shares will vest on July 14, 2008.

F3: 8,000 option shares are fully vested and exercisable and the remaining 4,000 option shares will vest on February 16, 2009.