NOVELTY - The converter (10) has a motor housing comprising a central longitudinal axis and a spar (13) mated with the motor housing and having a bottom end region for extension into a body of water i.e. ocean. A fore float (11) and an aft float (12) are rotated about the motor housing. A first power take off is mounted within the motor housing and rotatably coupled to the fore float by a first drive shaft oriented parallel to the axis. A second power take off is mounted within the motor housing and rotatably coupled to the aft float by a second drive shaft oriented parallel to the axis.    USE - Wave energy converter for extracting wave energy from water waves in water bodies i.e. oceans, converting the wave energy into electrical energy and converting horizontal hydrodynamic surge and vertical heave of the ocean wave energy into rotary shaft motion utilized in a direct drive rotary generator.    ADVANTAGE - The converter efficiently converts the hydrodynamic surge and the heave of the ocean wave energy into rotary shaft motion utilized in direct drive rotary generation. The converter facilitates relative rotational motion between the spar and the floats to drive the power take offs so as to convert wave motion to useable power in an effective manner. The converter has reduced size to reduce cost of energy by reducing capital expenditure of the generator and optimizing an electromagnetic design using a large diameter generator when low-speed high-torque rotary motion is employed and reducing operating and maintenance cost. The converter reduces moving parts so as to reduce an affect of snap loading experienced by marine deployed bodies, thus reducing repair time and cost. The converter has high reliability and survivability, and improves rotary speed of a drive shaft and magnetic flux velocity in a generator air gap, reduces structural loading and mooring loading and accommodates tidal variation.    DETAILED DESCRIPTION - The first and second power take offs are low speed high torque electrical generators, gearbox drive electrical generators, water pumps, water desalinators, pneumatic pumps and hydraulic pumps. An INDEPENDENT CLAIM is also included for a method for generating power.    DESCRIPTION OF DRAWING(S) - The drawing shows a perspective view of a wave energy converter.    Wave energy converter (10)    Fore float (11)    Aft float (12)    Spar (13)    Bearing shaft (16)