Woodward, Inc. — Director's Dealing 2011

Dec 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Preiss Chad Robert (President, Engine Systems)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-30	Woodward, Inc. Common Stock	M	9000	$7.9534	Acquired	9000	Direct
2011-11-30	Woodward, Inc. Common Stock	S	9000	$41.268	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-30	Nonqualified Stock Option (right to buy)	$7.9534	M	9000	Disposed	2012-10-07	Woodward, Inc. Common Stock (9000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Nonqualified Stock Option (right to buy)	$7.7367	2013-11-21	Woodward, Inc. Common Stock (36000)	36000	Direct
Nonqualified Stock Option (right to buy)	$11.9084	2014-11-24	Woodward, Inc. Common Stock (48000)	48000	Direct
Nonqualified Stock Option (right to buy)	$13.50	2015-11-23	Woodward, Inc. Common Stock (43500)	43500	Direct
Nonqualified Stock Option (right to buy)	$18.49	2016-11-15	Woodward, Inc. Common Stock (29000)	29000	Direct
Nonqualified Stock Option (right to buy)	$32.73	2017-11-16	Woodward, Inc. Common Stock (10400)	10400	Direct
Nonqualified Stock Option (right to buy)	$18.67	2018-11-24	Woodward, Inc. Common Stock (14000)	14000	Direct
Nonqualified Stock Option (right to buy)	$23.18	2019-10-01	Woodward, Inc. Common Stock (28000)	28000	Direct
Nonqualified Stock Option (right to buy)	$32.04	2020-10-01	Woodward, Inc. Common Stock (25000)	25000	Direct
Nonqualified Stock Option (right to buy)	$25.57	2021-10-03	Woodward, Inc. Common Stock (23000)	23000	Direct

Footnotes

F1: Options, which expire in October 2012, became exercisable at the rate of 25% per year beginning October 7, 2003.

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