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)
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 NEO's for 2023 include Mr. Wrocklage, Mr. Htwe, Ms. Stoll and Ms. Hopkins. For 2022 the other NEOs included Mr. Wrocklage, Ms. Stoll, Mr. William R.A. Bergum and Ms. Karen M. Bauer. 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 following equity compensation items. 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.

a.

For 2023, (i) for restricted stock awards: $734,338 for the fair value as of the end of the year of awards granted during the year, $182,403 gain as of the end of the year on awards that were granted in a prior year and remained unvested and $91,952 gain on vesting prior year awards; (ii) for performance share awards: $2,570,261 fair value as of the end of the year at the projected vesting achievement of awards granted during the year and $1,326,236 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; (iii) for stock options: $437,280 gain as of the end of the year on awards that were granted in a prior year and remained unvested and $97,290 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 stock awards grant date fair value of current year grants, adjusted for the following equity compensation items (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.

a.

For 2023, (i) for restricted stock awards: $148,851 for the fair value as of the end of the year of awards granted during the year, $35,354 gain as of the end of the year on awards that were granted in a prior year and remain unvested and $29,671 gain on vesting prior year awards (ii) for performance share awards: $211,371 fair value as of the end of the year at the projected vesting achievement of awards granted during the year and $117,017 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; (i) for stock options: $39,691 gain as of the end of the year on awards that were granted in a prior year and remain unvested and $7,703 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). For 2023, the individual companies are listed within this Proxy CD&A. For 2022, it includes those same companies plus Evoqua Water Technologies which was subsequently acquired. For 2021, it includes 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.

Named Executive Officers, Footnote

(1)

The CEO for all periods presented is Mr. Bockhorst. The other NEO's for 2023 include Mr. Wrocklage, Mr. Htwe, Ms. Stoll and Ms. Hopkins. For 2022 the other NEOs included Mr. Wrocklage, Ms. Stoll, Mr. William R.A. Bergum and Ms. Karen M. Bauer. 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.

PEO Total Compensation Amount

$ 4,544,288

$ 3,940,844

$ 3,674,319

$ 2,060,334

Adjustment To PEO Compensation, Footnote

(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 following equity compensation items. 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.

a.

For 2023, (i) for restricted stock awards: $734,338 for the fair value as of the end of the year of awards granted during the year, $182,403 gain as of the end of the year on awards that were granted in a prior year and remained unvested and $91,952 gain on vesting prior year awards; (ii) for performance share awards: $2,570,261 fair value as of the end of the year at the projected vesting achievement of awards granted during the year and $1,326,236 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; (iii) for stock options: $437,280 gain as of the end of the year on awards that were granted in a prior year and remained unvested and $97,290 gain on vesting prior year awards.

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,282,704

830,482

954,378

742,814

Compensation Actually Paid vs. Total Shareholder Return

Overall Pay Versus Performance

The following descriptions have been grouped together in providing information relevant to the relationships between CEO and other NEO average compensation actually paid (as defined) compared to the company's Total Shareholder Return ("TSR"), Net Income and EBITDA performance.

From 2020 to 2021, the percent increase in compensation actually paid (as defined) was 40% and 28% for the CEO and other NEOs, respectively. This compares to an increase in net income of 23%, an 18% improvement

in EBITDA and a 14% TSR which indicates strong alignment. The 2020 actual compensation was impacted negatively by two primary items. First, as previously noted, the 2020 figures include the impact of a temporary 20% base salary reduction. In addition, no LTIP cash bonus was earned in 2020 based on the prior three-year performance criteria. Together, these had the impact of modestly inflating the year-over-year percentage increase in compensation actually paid (as defined), which further reinforces the alignment of pay to performance.

From 2021 to 2022, the percent change in compensation actually paid (as defined) reflected a modest decrease of 5% and 13% for the CEO and other NEOs, respectively. This compares to an increase in net income of 9%, a 7% improvement in EBITDA and a 3% TSR. There is strong alignment in actual compensation and performance.

From 2022 to 2023, the percent change in compensation actually paid (as defined) reflected an increase of 78% and 54% for the CEO and other NEOs, respectively. This compares to an increase in net income of 39%, a 29% improvement in EBITDA and a 42% improvement in the company's stock price in 2023. This combination of robust financial performance along with meaningful stock price appreciation demonstrates the strong alignment in actual compensation and performance. Note that the difference between the CEO and other NEOs increase in compensation actually paid (as defined) is primarily the result of the LTIP award weighting noted above, whereby the CEO's LTIP composition is 70% PSUs/30% RS, compared to the other NEOs at a 50%/50% weighting.

In summary, the company's compensation actually paid (as defined) appears strongly aligned with our performance and the economic interests of our shareholders.

Compensation Actually Paid vs. Company Selected Measure

Overall Pay Versus Performance

The following descriptions have been grouped together in providing information relevant to the relationships between CEO and other NEO average compensation actually paid (as defined) compared to the company's Total Shareholder Return ("TSR"), Net Income and EBITDA performance.

From 2020 to 2021, the percent increase in compensation actually paid (as defined) was 40% and 28% for the CEO and other NEOs, respectively. This compares to an increase in net income of 23%, an 18% improvement

in EBITDA and a 14% TSR which indicates strong alignment. The 2020 actual compensation was impacted negatively by two primary items. First, as previously noted, the 2020 figures include the impact of a temporary 20% base salary reduction. In addition, no LTIP cash bonus was earned in 2020 based on the prior three-year performance criteria. Together, these had the impact of modestly inflating the year-over-year percentage increase in compensation actually paid (as defined), which further reinforces the alignment of pay to performance.

From 2021 to 2022, the percent change in compensation actually paid (as defined) reflected a modest decrease of 5% and 13% for the CEO and other NEOs, respectively. This compares to an increase in net income of 9%, a 7% improvement in EBITDA and a 3% TSR. There is strong alignment in actual compensation and performance.

From 2022 to 2023, the percent change in compensation actually paid (as defined) reflected an increase of 78% and 54% for the CEO and other NEOs, respectively. This compares to an increase in net income of 39%, a 29% improvement in EBITDA and a 42% improvement in the company's stock price in 2023. This combination of robust financial performance along with meaningful stock price appreciation demonstrates the strong alignment in actual compensation and performance. Note that the difference between the CEO and other NEOs increase in compensation actually paid (as defined) is primarily the result of the LTIP award weighting noted above, whereby the CEO's LTIP composition is 70% PSUs/30% RS, compared to the other NEOs at a 50%/50% weighting.

In summary, the company's compensation actually paid (as defined) appears strongly aligned with our performance and the economic interests of our shareholders.

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

     

Peer Group Total Shareholder Return Amount

139.82

116.77

145.8

117.56

Company Selected Measure Amount

146,029,000

113,405,000

106,465,000

90,227,000

Name

EBITDA

Name

Absolute free cash flow

Pay vs Performance Disclosure

Name

Return on invested capital

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

182,403,000

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,570,261,000

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

437,280,000

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

148,851,000

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

29,671,000

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

117,017,000

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 7,703,000