1. Bring water, butter, and salt to a boil in medium saucepan. Stir in rice and return to a boil over medium-high heat. Reduce heat to a simmer, cover, and cook until rice is tender and has absorbed all the liquid, 16 to 18 minutes (check only toward end of cooking time). The rice should be studded with craters, or steam holes, when it is ready. Remove from heat and let steam, covered, for 10 minutes. Fluff with a fork and serve.