BADGER METER INC — Director's Dealing 2005

Feb 2, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2005-01-31

Reporting Person: DIX RONALD H (Sr. VP-Admin, HR & Secretary, Co-trustee Officers' Voting Tr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-31	Common Stock	M	1848	$11.25	Acquired	43852	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-31	Stock Option	$11.25	M	1848	Disposed	2007-05-16	Common Stock (1848)	Direct

Footnotes

F1: In addition to the shares held directly by Mr. Dix and his spouse, he also owns 6,000 shares solely, 20,400 shares in the Badger Meter Officers' Voting Trust and 6,490.52 shares in the Company's ESSOP.

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

F3: In addition to the 1,848 stock options remaining in the May 16, 1997 grant, the reporting person has options to acquire an additional 49,200 shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.