Edgar Filing: KLING LEWIS M

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

KLING LEWIS M

2. Issuer Name and Ticker or Trading Symbol
FLOWSERVE CORP [FLS]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
President and CEO

(Last)

(First)

(Middle)

5215 N. O'CONNOR BLVD., SUITE 2300

3. Date of Earliest Transaction (Month/Day/Year)
10/26/2006

(Street)

IRVING, TX 75039

4. If Amendment, Date 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

(City)

(State)

(Zip)

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock ($1.25 par value per share)	10/26/2006		G	V	159,424	D	$ 0	0	D
Common Stock ($1.25 par value per share)	10/26/2006		G	V	159,424	A	$ 0	159,424	I	The Lewis Mark Kling Trust
Common Stock ($1.25 par value per share)								724.83	I	401(k)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	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 control number.		SEC 1474 (9-02)

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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right-to-buy)

$ 23.27

10/26/2006

G⁽¹⁾

70,703

⁽²⁾

07/09/2014

Common Stock

70,703

$ 0

4,297

Stock Option (right-to-buy)

$ 24.9

10/26/2006

G⁽¹⁾

12,968

⁽³⁾

02/16/2015

Common Stock

12,968

$ 0

8,032

Stock Option (right-to-buy)

$ 30.95

10/26/2006

G⁽¹⁾

11,000

⁽⁴⁾

07/13/2015

Common Stock

11,000

$ 0

Stock Option (right-to-buy)

$ 33.86

10/26/2006

G⁽¹⁾

69,748

⁽⁵⁾

07/28/2015

Common Stock

69,748

$ 0

Stock Option (right-to-buy)

$ 48.17

10/26/2006

G⁽¹⁾

87,925

⁽⁶⁾

02/15/2016

Common Stock

87,925

$ 0

2,075

Stock Option (right-to-buy)

$ 23.27

10/26/2006

G⁽¹⁾

70,703

⁽⁷⁾

07/09/2014

Common Stock

70,703

$ 0

70,703

The Lewis Mark Kling Trust

Stock Option (right-to-buy)

$ 24.9

10/26/2006

G⁽¹⁾

12,968

⁽⁸⁾

02/16/2015

Common Stock

12,968

$ 0

12,968

The Lewis Mark Kling Trust

Stock Option (right-to-buy)

$ 33.86

10/26/2006

G⁽¹⁾

69,748

⁽⁹⁾

07/28/2015

Common Stock

69,748

$ 0

69,748

The Lewis Mark Kling Trust

Stock Option (right-to-buy)

$ 30.95

10/26/2006

G⁽¹⁾

11,000

⁽⁴⁾

07/13/2015

Common Stock

11,000

$ 0

11,000

The Lewis Mark Kling Trust

Stock Option (right-to-buy)

$ 48.17

10/26/2006

G⁽¹⁾

87,925

⁽¹⁰⁾

02/15/2016

Common Stock

87,925

$ 0

87,925

The Lewis Mark Kling Trust

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
KLING LEWIS M 5215 N. O'CONNOR BLVD., SUITE 2300 IRVING, TX 75039	X		President and CEO

Signatures

/s/ Tara D. Mackey, attorney in fact		10/27/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	The reported transactions reflect the reporting person's transfer of options as gift to The Lewis Mark Kling Trust dated November 22, 1996.
(2)	The 70,703 non-qualified stock options and the remaining 4,297 incentive stock options vest and become exercisable on July 9, 2007.
(3)	The 12,968 non-qualified stock options vest and become exercisable as follows: 2,984 on February 16, 2006, 7,000 on February 16, 2007 and 2,984 option shares on February 16, 2008. The 8,032 remaining incentive stock options vest and become exercisable as follows: 4,016 on February 16, 2006 and 4,016 on February 16, 2008.
(4)	The 11,000 non-qualified stock options vest and become exercisable as follows: 3,667 on July 14, 2006, 3,666 on July 14, 2007 and 3,667 on July 14, 2008.
(5)	The 69,748 non-qualified stock options vest and become exercisable as follows: 23,250 on July 28, 2006, 23,249 on July 28, 2007 and 23,249 on July 28, 2008.
(6)	The 87,925 non-qualified stock options vest and become exercisable as follows: 30,000 on February 16, 2007, 30,000 on February 16, 2008 and 27,925 on February 16, 2009. The 2,075 remaining incentive stock options vest and become exercisable on February 16, 2009.
(7)	The 70,703 non-qualified stock options vest and become exercisable on July 9, 2007.
(8)	The 12,968 non-qualified stock options vest and become exercisable as follows: 2,984 on February 16, 2006, 7,000 on February 16, 2007, and 2,984 on February 16, 2008.
(9)	The 69,748 non-qualified stock options vest and become exersisable as follows: 23,250 on July 28, 2006, 23,249 on July 28, 2007 and 23,249 on July 28, 2008.
(10)	The 87,925 non-qualified stock options vest and become exercisable as follows: 30,000 on February 16, 2007, 30,000 on February 16, 2008 and 27,925 on February 16, 2009.

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