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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

CRAHAN PATRICK M 		2. Issuer Name and Ticker or Trading Symbol

FLEXSTEEL INDUSTRIES INC [ FLXS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Vice President
(Last)          (First)          (Middle)

P.O. BOX 877 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/28/2011
(Street)

DUBUQUE, IA 52004
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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                  12049   I   By Flexsteel Industries  
Common Stock                  29473   I   By Wife  
Common Stock   11/28/2011     S    800   D $14   101738   D    
Common Stock   11/28/2011     S    1500   D $14.22   100238   D    
Common Stock   11/28/2011     S    200   D $14.34   100038   D    
Common Stock   11/28/2011     S    300   D $14.37   99738   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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
Option 12/09/2002   $15.925                    12/9/2002   12/9/2012   Common Stock   10750     10750   D    
Option 12/08/2003   $19.21                    12/8/2003   11/25/2013   Common Stock   10750     10750   D    
Option 12/14/2004   $16.49                    12/14/2004   12/14/2014   Common Stock   10750     10750   D    
Option 12/13/2005   $14.40                    12/13/2005   12/13/2015   Common Stock   10750     10750   D    
Option 12/11/2006   $12.65                    12/11/2006   12/11/2016   Common Stock   10000     7900   D    
Option 12/10/2007   $12.35                    12/10/2007   12/10/2017   Common Stock   10000     6200   D    
Option 12/08/2008   $6.81                    12/8/2008   12/8/2018   Common Stock   20000     0   D    
Option 12/07/2009   $8.42                    12/7/2009   12/7/2019   Common Stock   15000     8760   D    
Option 12/06/2010   $17.23                    12/6/2010   12/6/2020   Common Stock   5000     5000   D    

Explanation of Responses:

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
CRAHAN PATRICK M
P.O. BOX 877
DUBUQUE, IA 52004 		X
Vice President

Signatures
Patrick Crahan 11/29/2011
** 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 control number.
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