WOODWARD, INC. AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For the years ended September 30, 2014, 2013, and 2012

(in thousands)



Column A	Column B		Column C				Column D		Column E
			Additions
Description	Balance at Beginning of Year		Charged to Costs and Expenses		Charged to Other Accounts (a)		Deductions (b)		Balance at End of Year
Fiscal year 2014
Allowance for doubtful accounts	$	8,872	$	1,283	$	916	$	(3,993)	$	7,078
Deferred tax asset valuation allowance		11,783		271		-		(2,568)		9,486
Fiscal year 2013
Allowance for doubtful accounts		7,217		3,408		5		(1,758)		8,872
Deferred tax asset valuation allowance		2,752		9,031		-		-		11,783
Fiscal year 2012
Allowance for doubtful accounts		2,322		4,139		1,074		(318)		7,217
Deferred tax asset valuation allowance		3,201		7		-		(456)		2,752

Notes:

(a)

Includes recoveries of accounts previously written off.

(b)

Represents accounts written off and foreign currency exchange rate adjustments. Currency translation adjustments resulted in a decrease in the reserves of $704 in fiscal year 2014, an increase in the reserve of $155 in fiscal year 2013, and an increase in the reserve of $4 in fiscal year 2012.