Woodward, Inc. — Director's Dealing 2007

Dec 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WOODWARD GOVERNOR CO (WGOV)
CIK: 0000108312
Period of Report: 2007-12-17

Reporting Person: Lauffer Gerhard (Group Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-17	Woodward Governor Company Common Stock	M	5625	$15.4733	Acquired	5625	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-12-17	Nonqualified Stock Option (right to buy)	$15.4733	M	5625	Acquired	2013-11-21	Common Stock (5625)	Direct

Footnotes

F1: Shares received incident to the exercise of a security issued in accordance with Rule 16b-3.

F2: Transaction is the exercise of a derivative security; exercise price reported in column 2.