Woodward, Inc. — Director's Dealing 2011

Dec 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2011-11-30

Reporting Person: YONKER MICHAEL T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-30	Woodward, Inc. Common Stock	M	9000	$11.8555	Acquired	45216	Direct
2011-11-30	Woodward, Inc. Common Stock	S	9000	$41.2876	Disposed	36216	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-30	Nonqualified Stock Option (right to buy)	$11.8555	M	9000	Disposed	2015-01-27	Woodward, Inc. Common Stock (9000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Nonqualified Stock Option (right to buy)	$13.50	2015-11-23	Woodward, Inc. Common Stock (9000)	9000	Direct
Nonqualified Stock Option (right to buy)	$18.49	2016-11-15	Woodward, Inc. Common Stock (8200)	8200	Direct
Nonqualified Stock Option (right to buy)	$32.73	2017-11-16	Woodward, Inc. Common Stock (5700)	5700	Direct
Nonqualified Stock Option (right to buy)	$18.67	2018-11-24	Woodward, Inc. Common Stock (3800)	3800	Direct
Nonqualified Stock Option (right to buy)	$23.18	2019-10-01	Woodward, Inc. Common Stock (7600)	7600	Direct
Nonqualified Stock Option (right to buy)	$32.04	2020-10-01	Woodward, Inc. Common Stock (6200)	6200	Direct
Nonqualified Stock Option (right to buy)	$25.57	2021-10-03	Woodward, Inc. Common Stock (6700)	6700	Direct

Footnotes

F1: Options, which expire in January 2015, became exercisable at the rate of 25% per year beginning on January 27, 2006.

F2: Options become exercisable at a rate of 25% per year beginning on the exercisable date shown.