Stock-Based Compensation (Tables)

6 Months Ended

Mar. 31, 2017

Stock-Based Compensation

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Three-Months Ended						Six-Months Ended
	March 31,						March 31,
	2017				2016		2017				2016
Weighted-average exercise price per share	$	62.64				n/a	$	62.64			$	40.26
Weighted-average grant date market value of Woodward stock	$	69.45				n/a	$	69.45			$	40.26
Expected term (years)		6.0	-	8.7		n/a		6.0	-	8.7		6.3	-	8.7
Estimated volatility		31.5%	-	33.7%		n/a		31.5%	-	33.7%		34.5%	-	35.1%
Estimated dividend yield		0.7%				n/a		0.7%				1.0%
Risk-free interest rate		2.2%	-	2.5%		n/a		2.2%	-	2.5%		1.7%	-	2.0%

Activity for Stock Option Awards

	Three-Months Ended				Six-Months Ended
	March 31, 2017				March 31, 2017
	Number of options		Weighted-Average Exercise Price per Share		Number of options		Weighted-Average Exercise Price per Share
Options, beginning balance		4,792	$	35.35		4,944	$	35.35
Options granted		780		62.64		780		62.64
Options exercised		(236)		33.21		(375)		33.81
Options forfeited		(5)		42.73		(18)		42.34
Options, ending balance		5,331		39.43		5,331		39.43

Changes in Nonvested Stock Options

	Three-Months Ended				Six-Months Ended
	March 31, 2017				March 31, 2017
	Number of options		Weighted-Average Grant Date Fair Value per Share		Number of options		Weighted-Average Grant Date Fair Value per Share
Options outstanding, beginning balance		1,304	$	14.70		2,075	$	14.90
Options granted		780		25.05		780		25.05
Options vested		(3)		18.27		(761)		15.25
Options forfeited		(5)		14.77		(18)		14.56
Options outstanding, ending balance		2,076		18.58		2,076		18.58

Stock Options Vested, Or Expected to Vest and Are Exercisable

	Number		Weighted- Average Exercise Price		Weighted- Average Remaining Life in Years		Aggregate Intrinsic Value
Options outstanding		5,331	$	39.43		6.4	$	151,901
Options vested and exercisable		3,254		32.80		5.0		114,271
Options vested and expected to vest		5,224		39.18		6.3		150,155

Changes in Restricted Stock Awards

	Three-Months Ended				Six-Months Ended
	March 31, 2017				March 31, 2017
		Number		Fair Value per Share		Number		Fair Value per Share
Beginning balance		24	$	39.43		24	$	39.43
Shares granted		-		n/a		-		n/a
Shares vested		-		n/a		-		n/a
Shares forfeited		-		n/a		-		n/a
Ending balance		24		39.43		24		39.43