diff --git a/libbase/Makefile.am b/libbase/Makefile.am
index bb1fbbe..d995502 100644
--- a/libbase/Makefile.am
+++ b/libbase/Makefile.am
@@ -127,6 +127,11 @@ endif
 libltdl_la_SOURCES = $(top_srcdir)/libltdl/ltdl.c
 libltdl_la_LDFLAGS = -no-undefined -version-info 4:4:1
 libltdl_la_LIBADD = $(LIBADD_DL)
+endif
+
+if WIN32
+  libltdl_la_LDFLAGS += -static
+endif
 
 if WIN32
   libgnashbase_la_LIBADD += -lws2_32 -lwinmm
@@ -215,10 +220,6 @@ if WIN32
   libgnashbase_la_LIBADD += -lws2_32 -lwinmm
 endif
 
-if WIN32
-  libltdl_la_LDFLAGS += -static
-endif
-endif
 CLEANFILES = libltdl.la libltdlc.la gnashrc gnashpluginrc
 
 # Rebuild with GCC 4.x Mudflap support