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: FORBES JAMES L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-31	Common Stock	M	1000	$11.25	Acquired	133384	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-31	Stock Options	$11.25	M	1000	Disposed	2007-05-16	Common Stock (1000)	Direct

Footnotes

F1: Shares adjusted for 2-for-1 stock split payable 12/10/04.

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

F3: In addition to the 5,474 non-qualified stock options remaining in the May 16, 1997 grant, the reporting person has options to acquire 72,086 additional shares of Common Stock at varying grant prices prior to May 1, 2007. All share amounts have been adjusted to reflect the Company's 2-for-1 stock split as of December 10, 2004.