Wordpress excerpt code

<?php if (have_posts()) : while (have_posts()) : the_post(); ?>

 

        <div <?php post_class(); ?> id="post-<?php the_ID(); ?>">

 

<ul class="recent-posts innlegg"><li class="post-77 post type-post status-publish format-standard hentry cat-7-id cat-31-id cat-8-id">

 

                <h3><a href="<?php the_permalink(); ?>"><?php the_title(); ?></a></h3>

                <span class="meta"><span class="fleft">Av <?php the_author(); on ?></span>

                <span class="post-date"><?php the_time('d') ?><br><?php the_time('M') ?>

                </span></span>

                <figure class="featured-thumbnail">

                <a href="<?php the_permalink(); ?>" title="<?php the_title_attribute(); ?>" >

               <?php if (function_exists('the_post_thumbnail') AND !function_exists('tfe_get_image')) the_post_thumbnail(); ?></a>

</figure><div class="excerpt"><?php the_excerpt(); ?><a href="<?php the_permalink(); ?>" class="button" title="<?php the_title(); ?>">Read more..</a></div><div class="clear"></div></li>

 

        <!-- .entry (end) --> </ul></div>

 

<?php endwhile; ?>

 

        <div class="navigation">

                <div class="next-posts" align="center"><strong><?php next_posts_link('Next page >>'); ?></strong></div>

                <div class="prev-posts" align="center"><strong><?php previous_posts_link('<< Previous page'); ?></strong></div>

        </div>

 

<?php else : ?>

 

        <div <?php post_class(); ?> id="post-<?php the_ID(); ?>">

                <h1>Not Found</h1>

        </div>

 

<?php endif; ?>