FLOWSERVE CORP — Director's Dealing 2011

Mar 29, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2011-03-24

Reporting Person: Freeman Dean P (SVP Finance and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-24	Common Stock ($1.25 par value per share)	F	418	$125.37	Disposed	8191	Direct
2011-03-24	Common Stock ($1.25 par value per share)	M	1578	—	Acquired	9769	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-24	Performance Rights	$	M	760	Acquired	2011-03-24	Common Stock (760)	Direct

Footnotes

F1: Each performance right represented a contingent right to receive one share of the issuer's common stock at vesting. The performance rights vested at a rate of 200% (plus dividends accrued on the underlying shares) based on the issuer's average return on net assets ("RONA") during a three-year performance cycle beginning on January 1, 2008 and ending on December 31, 2010, in comparison to the average RONA of a predetermined peer group over the same performance cycle.