Woodward, Inc. — Director's Dealing 2011

Nov 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2011-11-17

Reporting Person: Rudolph James D (President, Ind. Turb. Systems)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-17	Woodward, Inc. Common Stock	M	6000	$7.7367	Acquired	22318	Direct
2011-11-17	Woodward, Inc. Common Stock	S	6000	$39.6229	Disposed	16318	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-17	Nonqualified Stock Option (right to buy)	$7.7367	M	6000	Disposed	2013-11-21	Common Stock (6000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Nonqualified Stock Option (right to buy)	$11.9084	2014-11-24	Common Stock (9000)	9000	Direct
Nonqualified Stock Option (right to buy)	$13.50	2015-11-23	Common Stock (22200)	22200	Direct
Nonqualified Stock Option (right to buy)	$18.49	2016-11-15	Common Stock (16500)	16500	Direct
Nonqualified Stock Option (right to buy)	$32.73	2017-11-16	Common Stock (7000)	7000	Direct
Nonqualified Stock Option (right to buy)	$18.67	2018-11-24	Common Stock (3500)	3500	Direct
Nonqualified Stock Option (right to buy)	$23.18	2019-10-01	Common Stock (10000)	10000	Direct
Nonqualified Stock Option (right to buy)	$32.04	2020-10-01	Common Stock (11000)	11000	Direct
Nonqualified Stock Option (right to buy)	$25.57	2021-10-03	Common Stock (17400)	17400	Direct

Footnotes

F1: Options, which expire in November 2013, became exercisable at the rate of 25% per year beginning November 21, 2004.

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