BADGER METER INC — Director's Dealing 2007

May 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2007-05-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-16	Common Stock	M	12000	$5.625	Acquired	61000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-16	Stock Options	$5.625	M	12000	Disposed	2007-05-16	BMI Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5677.5461	Indirect
Common Stock	5600	Indirect
Common Stock	600	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$5.7475	2012-01-29	BMI Common Stock (3200)	3200	Direct
Stock Options	$7.00	2013-05-02	BMI Common Stock (7200)	7200	Direct
Stock Options	$7.00	2013-05-02	BMI Common Stock (6400)	6400	Direct
Stock Options	$7.125	2011-05-18	BMI Common Stock (4800)	4800	Direct
Stock Options	$10.0625	2009-07-16	BMI Common Stock (5000)	5000	Direct
Stock Options	$18.325	2015-05-09	BMI Common Stock (3600)	3600	Direct
Stock Options	$31.41	2016-05-05	BMI Common Stock (1800)	1800	Direct
Stock Options	$24.94	2017-05-04	BMI Common Stock (1800)	1800	Direct

Footnotes

F1: Stock Options are granted on a one-for-one basis.