BADGER METER INC — Director's Dealing 2005

Jul 29, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2005-07-27

Reporting Person: SMITH KENNETH E (Former Corporate Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-07-27	Common Stock	M	2637	$11.495	Acquired	8037	Direct
2005-07-27	Common Stock	S	2637	$47.0117	Disposed	5400	Direct
2005-07-27	Common Stock	M	3000	$15.875	Acquired	8400	Direct
2005-07-27	Common Stock	S	3000	$47.0117	Disposed	5400	Direct
2005-07-28	Common Stock	M	600	$15.875	Acquired	6000	Direct
2005-07-28	Common Stock	S	600	$47.1017	Disposed	5400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-07-27	Stock Options	$11.495	M	2637	Disposed	2012-01-29	Common Stock (2637)	Direct
2005-07-27	Stock Options	$14.25	M	3000	Disposed	2010-05-12	Common Stock (3000)	Direct
2005-07-27	Stock Options	$14.00	M	600	Disposed	2010-05-12	Common Stock (600)	Direct

Footnotes

F1: In addition to the stock owned directly by Mr. Smith, he also owns 8,000 shares in the Badger Meter Officers' Voting Trust and 790.03 shares in the Company's ESSOP.

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

F3: In addition to the remaining 2,637 non-qualified options exercised and sold July 27, Mr. Smith had 3,600 incentive options which he exercised and sold July 27-28, 2005 as reported herein.