BADGER METER INC — Director's Dealing 2006

May 5, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2006-05-03

Reporting Person: MEEUSEN RICHARD A (Director, Chairman, President & CEO, Co-trustee, Officers Voting Tr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-03	Common Stock	M	7000	$20.125	Acquired	60532	Direct
2006-05-03	Common Stock	M	100	$14.25	Acquired	60632	Direct
2006-05-03	Common Stock	S	7100	$62.92	Disposed	53532	Direct
2006-05-04	Common Stock	M	6900	$14.25	Acquired	60432	Direct
2006-05-04	Common Stock	S	6900	$63.13	Disposed	53532	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-03	Stock Options - Right to Buy	$20.125	M	7000	Disposed	2009-07-16	Common Stock (7000)	Direct
2006-05-03	Stock Options - Right to Buy	$14.25	M	100	Disposed	2011-05-18	Common Stock (100)	Direct
2006-05-04	Stock Options - Right to Buy	$14.25	M	6900	Disposed	2011-05-18	Common Stock (6900)	Direct

Footnotes

F1: In addition to the 53,532 shares held directly by Mr. Meeusen, he also owns 1,600.61 shares in the Company's ESSOP and 1,100 shares of Restricted Stock.

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

F3: In addition to the 5,000 options remaining in the 5/18/01 grant, Mr. Meeusen has options to acquire 46,700 additional shares of Badger Meter Common Stock at various prices and vesting schedules.