Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Rudolph James D
 2. Date of Event Requiring Statement (Month/Day/Year)
02/14/2011		 3. Issuer Name and Ticker or Trading Symbol
Woodward, Inc. [WWD]
(Last)
(First)
(Middle)
1000 EAST DRAKE ROAD		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President, Ind. Turb. Systems
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

FORT COLLINS, CO 80525		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Woodward, Inc. Common Stock 16,318
I
By Stock Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Nonqualified Employee Stock Option (Right to Buy)   (1) 11/21/2013 Woodward, Inc. Common Stock 6,000 $ 7.7367 D  
Nonqualified Employee Stock Option (Right to Buy)   (1) 11/24/2014 Woodward, Inc. Common Stock 9,000 $ 11.9084 D  
Nonqualified Employee Stock Option (Right to Buy)   (1) 11/23/2015 Woodward, Inc. Common Stock 22,200 $ 13.5 D  
Nonqualified Employee Stock Option (Right to Buy)   (1) 11/15/2016 Woodward, Inc. Common Stock 16,500 $ 18.49 D  
Nonqualified Employee Stock Option (Right to Buy)   (2) 11/16/2017 Woodward, Inc. Common Stock 7,000 $ 32.73 D  
Nonqualified Employee Stock Option (Right to Buy)   (3) 11/24/2018 Woodward, Inc. Common Stock 3,500 $ 18.67 D  
Nonqualified Employee Stock Option (Right to Buy)   (4) 10/01/2019 Woodward, Inc. Common Stock 10,000 $ 23.18 D  
Nonqualified Employee Stock Option (Right to Buy)   (5) 10/01/2020 Woodward, Inc. Common Stock 11,000 $ 32.04 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Rudolph James D
1000 EAST DRAKE ROAD
FORT COLLINS, CO 80525		       President, Ind. Turb. Systems  

Signatures

Jody L. Harrell by Power of Attorney 02/22/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options are fully vested.
(2) Options became exercisable at the rate of 25% per year beginning November 16, 2008.
(3) Options became exercisable at the rate of 25% per year beginning November 24, 2009.
(4) Options became exercisable at the rate of 25% per year beginning October 1, 2010.
(5) Options become exercisable at the rate of 25% per year beginning October 1, 2011.

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