SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: December 31, 2014
Estimated average burden
hours per response: 0.5
  
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
SHUFF RONALD F

(Last) (First) (Middle)
5215 N. O'CONNOR BLVD., SUITE 2300

(Street)
IRVING TX 75039

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
FLOWSERVE CORP [ FLS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
VP, Secretary and Gen. Counsel
3. Date of Earliest Transaction (Month/Day/Year)
11/20/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock ($1.25 par value per share) 11/20/2006 M 7,000 A $26.5 50,267 D
Common Stock ($1.25 par value per share) 11/20/2006 M 9,000 A $30 59,267 D
Common Stock ($1.25 par value per share) 11/20/2006 M 8,340 A $18.5 67,607 D
Common Stock ($1.25 par value per share) 11/20/2006 M 5,600 A $17 73,207 D
Common Stock ($1.25 par value per share) 11/20/2006 M 7,800 A $17.8125 81,007 D
Common Stock ($1.25 par value per share) 11/20/2006 M 4,670 A $19.15 85,677 D
Common Stock ($1.25 par value per share) 11/20/2006 S 42,410 D $54.3536 43,267 D
Common Stock ($1.25 par value per share) 11/20/2006 S 21,967 D $54.406 21,300 D
Common Stock ($1.25 par value per share) 11/21/2006 M 4,330 A $19.15 25,630 D
Common Stock ($1.25 par value per share) 11/21/2006 M 9,000 A $27.12 34,630 D
Common Stock ($1.25 par value per share) 11/21/2006 M 5,667 A $22.9 40,297 D
Common Stock ($1.25 par value per share) 11/21/2006 M 9,000 A $24.84 49,297 D
Common Stock ($1.25 par value per share) 11/21/2006 M 2,167 A $30.95 51,464 D
Common Stock ($1.25 par value per share) 11/21/2006 M 2,834 A $24.9 54,298 D
Common Stock ($1.25 par value per share) 11/21/2006 S 32,998 D $54.2392 21,300 D
Common Stock ($1.25 par value per share) 4,179 I Dividend Reinvestment Plan
Common Stock ($1.25 par value per share) 30,123 I Rabbi Trust
Common Stock ($1.25 par value per share) 2,704.6 I 401(K)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right-to-buy) $19.15 11/20/2006 M 4,670 (1) 07/17/2013 Common Stock 4,670 $0.00 4,330 D
Stock Option (right-to-buy) $19.15 11/21/2006 M 4,330 (1) 07/17/2013 Common Stock 4,330 $0.00 0 D
Stock Option (right-to-buy) $24.84 11/21/2006 M 9,000 (1) 07/17/2012 Common Stock 9,000 $0.00 0 D
Stock Option (right-to-buy) $27.12 11/21/2006 M 9,000 (1) 07/18/2011 Common Stock 9,000 $0.00 0 D
Stock Option (right-to-buy) $17.81 11/20/2006 M 7,800 (1) 08/22/2010 Common Stock 7,800 $0.00 0 D
Stock Option (right-to-buy) $17 11/20/2006 M 5,600 (1) 08/03/2009 Common Stock 5,600 $0.00 0 D
Stock Option (right-to-buy) $18.5 11/20/2006 M 8,340 (1) 11/02/2008 Common Stock 8,340 $0.00 0 D
Stock Option (right-to-buy) $30 11/20/2006 M 9,000 (1) 10/23/2007 Common Stock 9,000 $0.00 0 D
Stock Option (right-to-buy) $22.9 11/21/2006 M 5,667 (2) 07/15/2014 Common Stock 5,667 $0.00 2,833 D
Stock Option (right-to-buy) $24.9 11/21/2006 M 2,834 (3) 02/16/2015 Common Stock 2,834 $0.00 5,666 D
Stock Option (right-to-buy) $30.95 11/21/2006 M 2,167 (4) 07/13/2015 Common Stock 2,167 $0.00 4,333 D
Stock Option (right-to-buy) $26.5 11/20/2006 M 7,000 (1) 12/31/2006 Common Stock 7,000 $0.00 0 D
Explanation of Responses:
1. The option shares are fully vested and exercisable.
2. 5,667 shares are fully vested and exercisable and the remaining 2,833 option shares vest on July 15, 2007.
3. 2,834 shares are fully vested and exercisable and the remaining 5,666 shares vest in two equal annual installments on February 16, 2007 and February 16, 2008.
4. 2,167 shares are fully vested and exercisable and the remaining 4,333 shares vest as follows: 2,166 shares on July 14, 2007 and 2,167 shares on July 14, 2008.
Remarks:
/s/ Tara D. Mackey, attorney in fact 11/22/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.