The meaning of the verse has been accepted since at least the time of Josephus:
“He that kicketh a woman with child, if the woman miscarry, shall be fined by the judges of having, by the destruction of the fruit of her womb, diminished the population, and a further sum shall be presented by him to the woman’s husband. If she die of the blow, he also shall die, thelaw claiming as its due thesacrifice of life for life.” (Antinquities of the Jews 4:278)
A literal word for word translation does not always mean an accurate translation. But let’s get a literal one for starters.
When men strive, smitting/pushing a pregnant woman will go out/be gone her children, and there will not be damage/hurt/harm; a penalty will be imposed which/that the woman’s husband upon the man will give as the judges" or more smoothly, “When men strive, smitting a pregnant woman whose children will go out, and there will be no damage; a penalty will be imposted that will be given to the woman’s husband by the man as the judges determine.”
One has to go to the Talmud to determine if “go out” means premature birth or miscarriage. As well as to determine if damaged/hurt means injured or death. Without the Talmud, it is unclear. But that’s exaclty what the Talmud and the Mishna were for. To clarify what is in Torah.
Sanhedrin 79a (ArtScroll translation) Rabbi Elazar expresses the opinion that that the phrase I have translated as “When men strive, smitting/pushing a pregnant woman…” refers to a “fight in which the parties are trying to kill each other”. The footnote based on Rashi clearifies that Rabbi Elazar says that this passage teaches that if one combatant “accidentally missed his adversary and hit the woman instead and killed her, he is liable to execution. This proves that the one who accidentally collided with the woman was trying to kill his opponent at that time, for if he were not, he would not be executed for killing the woman.” We now know that the men who were striving were trying to kill each other, as otherwise the death of one struck accidentally would have not resulted in execution. ArtScroll’s translation clearly sees the death to be to the woman, and not the children who went out.
The Talmud when refering to the harm/damage, makes it clear that a life is being lost. And the life lost is to the woman.
Should there be no fatality monetary compensation only is imposed upon the offender. The Talmud makes it clear that eye for an eye means monetary compensation when no life is lost. Bava Kamma 84a lists the school of Hezekiah as teaching "eye for eye, life for life, but not ‘life and eye for eye’.
Clearly, if the woman does not die, and the fetus is born alive, there’s no capital punishment. Clearly, if the women dies, this becomes a capital case. “‘It is stated: Moreover ye shall take no no ransom for the life of a murder that is guilty of death; but he shall surely be put to death,’ implying that it was only ‘for the life of a murderer’ that you may not take ransom, whereas you may take ransom [even] for principal limbs though these cannot be restored” So: if payment alone is indicated, it cannot be that the woman was killed by the man. But what if the fetus dies, the woman being alive?
The answer is in Talmud Bavli, Bava Kama 42b and 43a. There is a case there in which the verse currently underdiscussion is used. The additional verses make clear not only what it means by “will go out/be gone her children”, but what sort of compensation is appropriate if the fetus dies. “Has it not been taught: If one hurt a woman so that her embryo departed from her, compensation for Depreciation and for Pain should be given to the woman, compensation for the value of the embryo to the husband…The Torah awarded the value of embryos to the husband even where the cohabitation had taken place not in a married state…” So, if the fetus dies, having gone out as a result of the blow to the woman, both she and her husband are compensated. Her for any injuries to herself, and her husband for the loss of the fetus, as the judges shall assess.
The article discussing this:
geocities.com/~Alyza/Jewish/menfight.html