BADGER METER INC — Director's Dealing 2004

Nov 29, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2004-11-26

Reporting Person: SMITH KENNETH E (VP-Sales & Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-26	Common Stock	M	4000	$31.75	Acquired	5800	Direct
2004-11-26	Common Stock	S	3000	$57.00	Disposed	2800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-26	Stock Options	$31.75	M	4000	Disposed	2010-05-12	Common Stock (4000)	Direct

Footnotes

F1: In addition to the shares held directly by Mr. Smith, he also owns 5,000 shares in the Badger Meter Officers' Voting Trust and 337.55 shares in the Company's ESSOP.

F2: Stock Options are granted on a one-for-one basis.

F3: In addition to the 2,000 stock options remaining in the May 12, 2000 non-qualified grant, the reporting person has options to acquire 19,500 additional shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.