Earnings Per Share

12 Months Ended

Sep. 30, 2011

Earnings Per Share

Earnings Per Share

Note 3. Earnings per share

Basic earnings per share attributable to Woodward is computed by dividing net earnings available to common stockholders by the weighted average number of shares of common stock outstanding for the period.

Diluted earnings per share attributable to Woodward reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options.

The following is a reconciliation of net earnings attributable to Woodward to basic earnings per share attributable to Woodward and diluted earnings per share attributable to Woodward:

	Year Ending September 30,
	2011		2010		2009
Numerator:
Net earnings attributable to Woodward	$	132,235	$	110,844	$	94,352
Denominator:
Basic shares outstanding		68,797		68,472		67,891
Dilutive effect of employee stock options		1,343		1,392		1,212
Diluted shares outstanding		70,140		69,864		69,103
Income per common share:
Basic earnings per share attributable to Woodward	$	1.92	$	1.62	$	1.39
Diluted earnings per share attributable to Woodward	$	1.89	$	1.59	$	1.37

The following stock option grants were outstanding during the fiscal years ending September 30, 2011, 2010 and 2009, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:

	Year Ended September 30,
	2011		2010		2009
Options		684		1,106		739
Weighted-average option price	$	32.04	$	26.94	$	27.30

The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:

	Year Ending September 30,
	2011		2010		2009
Weighted-average treasury stock shares held for deferred compensation obligation		335		371		409