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      "kind": "paragraph",
      "text": "We have run share dilution calculations to compare outcomes for the 2028 convertible notes",
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      "text": "We have run convertible dilution calculations once using the most dilutive physical settlement method (i.e. Freshpet delivers all underlying shares upon conversion if the convertible is in-the-money) and again using net share settlement method (i.e. Freshpet delivers the $402.5mm principal amount in cash and any remaining in-the-money amount in shares under Treasury Stock method)",
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      "text": "Freshpet has structured the convertible with Flexible Settlement, so we have the option to settle the convertible in shares, cash, or a combination at its option",
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      "text": "(2) At stock prices below the conversion price, the convertible is redeemed for cash without any equity dilution.",
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      "kind": "source-note",
      "text": "(1) If the convertible is in-the-money, Freshpet can deliver full underlying shares at its option since it has chosen a Flexible Settlement Structure.",
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      "kind": "source-note",
      "text": "Note: Based on Freshpet's $402.5mm convertible offering, a $54.65 stock price at issue, a 27.5% conversion premium, and an up 120% capped call.",
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      "text": "Stock Price at Maturity, Physical Settlement (mm shares) (1,2), Net Share Settlement (mm shares), Convert, Convert + Capped Call, Convert, Convert + Capped Call, $80.00, 5.8, 5.0, 0.7, 0.0, $90.00, 5.8, 4.5, 1.3, 0.0, $100.00, 5.8, 4.0, 1.8, 0.0, $110.00, 5.8, 3.7, 2.1, 0.0, $120.00, 5.8, 3.4, 2.4, 0.0, $130.00, 5.8, 3.5, 2.7, 0.4, $140.00, 5.8, 3.7, 2.9, 0.8, $150.00, 5.8, 3.8, 3.1, 1.1, $160.00, 5.8, 4.0, 3.3, 1.4",
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