Woodward, Inc. — Director's Dealing 2011

Sep 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2011-09-14

Reporting Person: GENDRON THOMAS A (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-14	Woodward, Inc. Common Stock	M	105000	$8.1667	Acquired	193084	Direct
2011-09-14	Woodward, Inc. Common Stock	F	28960	$29.61	Disposed	164124	Direct
2011-09-14	Woodward, Inc. Common Stock	F	29784	$29.61	Disposed	134340	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-09-14	Nonqualified Stock Option (Right to Buy)	$8.1667	M	105000	Disposed	2011-10-01	Common Stock (105000)	Direct

Footnotes

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

F2: Shares withheld to cover the tax liability incident to the exercise of a security issued in accordance with Rule 16b-3.

F3: Options, which expire in October 2011, became exercisable at the rate of 25% per year beginning October 1, 2002.