FLOWSERVE CORP — Director's Dealing 2011

May 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2011-05-19

Reporting Person: RAMPACEK CHARLES M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-19	Phantom Stock	$	A	828	Acquired		Common Stock (828)	Direct

Footnotes

F1: Represents the annual restricted stock grant for the director under the Flowserve Equity and Incentive Compensation Plan. The shares vest on May 19, 2012.

F2: The shares of phantom stock become payable in the form of common stock upon the reporting person's termination of service as a member of the issuer's board of directors.