Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
CARTER STEPHEN P
  2. Issuer Name and Ticker or Trading Symbol
WOODWARD GOVERNOR CO [WGOV]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Exec. VP, CFO & Treasurer
(Last)
(First)
(Middle)
5001 N. SECOND STREET
3. Date of Earliest Transaction (Month/Day/Year)
11/29/2004
(Street)

ROCKFORD, IL 61111
4. If Amendment, Date Original Filed(Month/Day/Year)
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Woodward Governor Company Common Stock               2,768 D  
Woodward Governor Company Common Stock               3,246 I Stock Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units (1) 11/29/2004   A   2,201     (1)   (1) Common Stock 2,201 (1) 27,435 D  
Nonqualified Stock Option $ 16.625             01/10/1996 01/10/2006 Common Stock 3,000   3,000 D  
Nonqualified Stock Option $ 23.5             11/18/1996 11/18/2006 Common Stock 17,600   20,600 D  
Nonqualified Stock Option $ 32.25             11/17/1997 11/17/2007 Common Stock 20,068   40,668 D  
Nonqualified Stock Option $ 32             01/14/1998 01/14/2008 Common Stock 7,542   48,210 D  
Nonqualified Stock Option $ 22             11/16/1998 11/16/2008 Common Stock 18,000   66,210 D  
Nonqualified Stock Option $ 24.75             11/15/1999 11/15/2009 Common Stock 13,000   79,210 D  
Nonqualified Stock Option $ 41.813               (2) 11/21/2010 Common Stock 10,000   89,210 D  
Nonqualified Stock Option $ 49               (2) 10/01/2011 Common Stock 15,000   104,210 D  
Nonqualified Stock Option $ 47.72               (2) 10/07/2012 Common Stock 10,000   114,210 D  
Nonqualified Stock Option $ 46.42               (2) 11/21/2013 Common Stock 13,000   127,210 D  
Nonqualfied Stock Option $ 71.45               (2) 11/24/2014 Common Stock 3,000   130,210 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARTER STEPHEN P
5001 N. SECOND STREET
ROCKFORD, IL 61111
      Exec. VP, CFO & Treasurer  

Signatures

 Carol J. Manning, by power of attorney   12/01/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) The phantom stock units were accrued under the Woodward Executive Benefit Plan and are to be settled in 100% cash upon separation from the Company.
(2) Shares become exercisable at the rate of 25% per year beginning one year from date of grant.

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