BADGER METER INC — Director's Dealing 2012

May 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2012-05-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-04	Common Stock	A	800	—	Acquired	2000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-04	Stock Options	$36.15	A	1600	Acquired	2022-05-04	BMI Common Stock (1600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6149.0542	Indirect
Common Stock	71300	Direct
Common Stock	630	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$18.325	2015-05-09	BMI Common Stock (1440)	1440	Direct
Stock Options	$31.41	2016-05-05	BMI Common Stock (1800)	1800	Direct
Stock Options	$24.94	2017-05-04	BMI Common Stock (1440)	1440	Direct
Stock Options	$52.81	2018-05-02	BMI Common Stock (1500)	1500	Direct
Stock Options	$7.00	2013-05-02	BMI Common Stock (1800)	1800	Direct
Stock Options	$38.69	2019-05-01	BMI Common Stock (3000)	3000	Direct
Stock Options	$38.41	2020-05-07	BMI Common Stock (1200)	1200	Direct
Stock Options	$36.59	2021-05-06	BMI Common Stock (1200)	1200	Direct

Footnotes

F1: Restricted Stock granted pursuant to the Company's 2011 Omnibus Incentive Plan approved by shareholders on April 29, 2011.

F2: The value of the award will be determined at the closing price on May 4, 2015, the date of vesting.

F3: Stock Option granted pursuant to the Company's 2011 Omnibus Incentive Plan approved by shareholders on April 29, 2011.

F4: Stock Options are granted on a one-for-one basis.