BADGER METER INC — Director's Dealing 2005

Apr 1, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2005-03-31

Reporting Person: SMILEY BEVERLY L P (VP-Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-31	Common Stock	M	1600	$14.00	Acquired	10550	Direct
2005-03-31	Common Stock	M	900	$14.25	Acquired	11450	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-03-31	Stock Option	$14.00	M	1600	Disposed	2013-05-02	Common Stock (1600)	Direct
2005-03-31	Stock Option	$14.25	M	900	Disposed	2011-05-18	Common Stock (900)	Direct

Footnotes

F1: In addition to the shares held directly by Ms. Smiley, she also owns 9,400 shares in the Badger Meter Officers' Voting Trust and 2,720.30 shares in the Company's ESSOP. Also, Ms. Smiley's two minor age sons hold a total of 200 shares.

F2: In addition to the stock options remaining in the reported grants, the reporting person has options to acquire 23,150 additional shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.

F3: Stock Options are granted on a one-for-one basis.