Pay vs Performance Disclosure, Table

Pay for Performance Table ($)


									Value of Initial Fixed $100 Investment Based On
Year	Summary Compensation Table Total for CEO ($) (1)		Compensation Actually Paid to CEO ($) (1) (2)		Average Summary Compensation Table Total for non-CEO NEOs ($) (1)		Average Compensation Actually Paid to non-CEO NEOs ($) (1) (3)		Total Shareholder Return ($)		Peer Group Total Shareholder Return ($) (4)		Net Income ($ in 000s)		Company Selected Measure: EBITDA ($ in 000's) (5)
2024		5,084,577		9,644,075		1,097,217		1,582,992		339.87		171.52		124,942		190,072
2023		4,544,288		8,021,428		931,558		1,282,704		245.82		139.82		92,598		146,029
2022		3,940,844		4,513,915		809,646		830,482		172.43		116.77		66,496		113,405
2021		3,674,319		4,753,955		802,388		954,378		167.07		145.80		60,884		106,465
2020		2,060,334		3,391,471		532,887		742,814		146.39		117.56		49,343		90,227

(1)

The CEO for all periods presented is Mr. Bockhorst. The other NEOs for 2024 and 2023 are Mr. Wrocklage, Ms. Hopkins, Ms. Stoll and Mr. Htwe. For 2022 the other NEOs were Mr. Wrocklage, Ms. Stoll, Mr. William R.A. Bergum, Vice President, General Counsel and Secretary, and Ms. Karen M. Bauer, Vice President, Investor Relations, Corporate Strategy and Treasurer. For 2021 the other NEOs included Mr. Wrocklage, Ms. Stoll, Mr. Gregory M. Gomez, retired Vice President, Flow Instrumentation and International Utility Water and Mr. Bergum. For 2020 the other NEOs included Mr. Wrocklage, Ms. Stoll, Mr. Gomez and Mr. William J. Parisen, retired Vice President, Global Operations.

(2)

Compensation actually paid to the CEO for each year presented includes the summary compensation table total, less the grant date fair value of that year's stock and option awards, adjusted for the equity compensation items listed below. Note that the assumptions used in calculating these fair values did not differ materially from the assumptions used to calculate the fair value of the equity awards at the time of grant.

For 2024, (i) for restricted stock awards: $741,359 for the fair value as of the end of the year of awards granted during the year, $356,375 gain as of the end of the year on awards that were granted in a prior year and remained unvested and $27,601 gain on vesting prior year awards; (ii) for performance share awards: $3,558,865 fair value as of the end of the year at the projected vesting achievement of awards granted during the year and $1,824,778 gain as of the end of the year at the projected vesting achievement of awards that were granted in a prior year and remained unvested and $34,030 gain on vesting prior year awards; (iii) for stock options: $204,727 gain as of the end of the year on awards that were granted in a prior year and remained unvested and $47,605 gain on vesting prior year awards.

(3)

The average compensation actually paid to the non-CEO NEOs for each year presented includes the summary compensation table total average, less the average grant date fair value of that year's stock and option awards, adjusted for the equity compensation items listed below (all representing averages). Note that the assumptions used in calculating these fair values did not differ materially from the assumptions used to calculate the fair value of the equity awards at the time of grant.

For 2024, (i) for restricted stock awards: $163,014 for the fair value as of the end of the year of awards granted during the year, $52,726 gain as of the end of the year on awards that were granted in a prior year and remain unvested and $5,454 gain on vesting prior year awards (ii) for performance share awards: $391,489 fair value as of the end of the year at the projected vesting achievement of awards granted during the year and $154,105 gain as of the end of the year at the projected vesting achievement of awards that were granted in a prior year and remain unvested and $3,922 gain on vesting prior year awards; (iii) for stock options: $19,068 gain as of the end of the year on awards that were granted in a prior year and remain unvested and $4,343 gain on vesting prior year awards.

(4)

The peer group used for purposes of this disclosure is consistent with the peer group used in the respective years' Proxy Compensation Discussion and Analysis (CD&A). The 2024 peer group includes all of the companies in the 2023 peer group except CIRCOR International, which was replaced by Mirion Technologies, Inc. due to CIRCOR’s acquisition and subsequent de-registration. In 2024, total shareholder return for the new peer group was $171.52 versus $167.53 for the old peer group. A comparison of peer group returns since 2018 appears in our Form 10-K For 2022, it included the 2023 companies plus Evoqua Water Technologies which was subsequently acquired. For 2021, it included the 2022 companies plus SPX Flow, Inc. which was subsequently acquired. For 2020, the companies include A. O. Smith, CIRCOR International, ESCO Technologies, Franklin Electric Co., Gormann-Rupp, Helios, Itron, Inc., Lindsay Corporation, Mueller Water Products, Northwest Pipe Co., Perma-Pipe, Rexnord Corporation and Watts Water Technologies.

(5)

We generally define EBITDA as GAAP net income plus interest, income taxes, depreciation and amortization.

Company Selected Measure Name

EBITDA

Named Executive Officers, Footnote

(1)

Peer Group Issuers, Footnote

(4)

PEO Total Compensation Amount

$ 5,084,577

$ 4,544,288

$ 3,940,844

$ 3,674,319

$ 2,060,334

PEO Actually Paid Compensation Amount

$ 9,644,075

8,021,428

4,513,915

4,753,955

3,391,471

Adjustment To PEO Compensation, Footnote

(2)

Non-PEO NEO Average Total Compensation Amount

$ 1,097,217

931,558

809,646

802,388

532,887

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,582,992

1,282,704

830,482

954,378

742,814

Adjustment to Non-PEO NEO Compensation Footnote

(3)

Compensation Actually Paid vs. Total Shareholder Return

The following graphs present the relationships between CEO and other NEO average Compensation Actually Paid ("CAP", as defined) and the company's Total Shareholder Return ("TSR"), Net Income and EBITDA performance. In summary, the company's CAP appears strongly aligned with our performance and the economic interests of our shareholders.

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Relationship Between Company and Peer TSR

Tabular List, Table

Other Performance Measures

Inclusive of the company selected financial performance measure included in the table above, the following performance measures are considered to be important in evaluating the link between executive compensation and company performance:

      Other Performance Measures

     

      EBITDA

     

      Absolute free cash flow

     

      Free cash flow conversion of net earnings

     

      Return on invested capital

     

Total Shareholder Return Amount

$ 339.87

245.82

172.43

167.07

146.39

Peer Group Total Shareholder Return Amount

171.52

139.82

116.77

145.8

117.56

Net Income (Loss)

$ 124,942,000

$ 92,598,000

$ 66,496,000

$ 60,884,000

$ 49,343,000

Company Selected Measure Amount

190,072,000

146,029,000

113,405,000

106,465,000

90,227,000

PEO Name

Mr. Bockhorst

Measure:: 1

Non-GAAP Measure Description

EBITDA

(5)

We generally define EBITDA as GAAP net income plus interest, income taxes, depreciation and amortization.

Measure:: 2

Absolute free cash flow

Measure:: 3

Free cash flow conversion of net earnings

Measure:: 4

PEO | Restricted Stock Awards For Fair Value As Of End Of Year Of Awards Granted During Year [Member]

Return on invested capital

PEO | Restricted Stock Awards Gain As Of End Of Year On Awards Granted In Prior Year And Remained Unvested [Member]

$ 741,359,000

PEO | Restricted Stock Awards Gain (Loss) On Vesting Prior Year Awards [Member]

356,375,000

PEO | Performance Share Awards Fair Value As Of End Of Year At Projected Vesting Achievement Of Awards Granted During Year [Member]

27,601,000

PEO | Performance Share Awards Gain As Of End Of Year At Projected Vesting Achievement Of Awards Granted In Prior Year And Remained Unvested [Member]

3,558,865,000

PEO | Stock Options Gain As Of End Of The Year On Awards Granted In Prior Year And Remained Unvested [Member]

1,824,778,000

PEO | Stock Options Gain (Loss) On Vesting Prior Awards [Member]

204,727,000

PEO | Performance Share Awards Gain (Loss) On Vesting Prior Year Awards [Member]

47,605,000

Non-PEO NEO | Restricted Stock Awards For Fair Value As Of End Of Year Of Awards Granted During Year [Member]

34,030,000

Non-PEO NEO | Restricted Stock Awards Gain As Of End Of Year On Awards Granted In Prior Year And Remained Unvested [Member]

163,014,000

Non-PEO NEO | Restricted Stock Awards Gain (Loss) On Vesting Prior Year Awards [Member]

52,726,000

Non-PEO NEO | Performance Share Awards Fair Value As Of End Of Year At Projected Vesting Achievement Of Awards Granted During Year [Member]

5,454,000

Non-PEO NEO | Performance Share Awards Gain As Of End Of Year At Projected Vesting Achievement Of Awards Granted In Prior Year And Remained Unvested [Member]

391,489,000

Non-PEO NEO | Stock Options Gain As Of End Of The Year On Awards Granted In Prior Year And Remained Unvested [Member]

154,105,000

Non-PEO NEO | Stock Options Gain (Loss) On Vesting Prior Awards [Member]

19,068,000

Non-PEO NEO | Performance Share Awards Gain (Loss) On Vesting Prior Year Awards [Member]

4,343,000