Table:
|  | Twelve Months Ended December 31, |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
|  | (Dollars in thousands) |  |  |  |  |
| SG&A expenses | $114,450 | $94,876 | $75,167 | $62,586 | $58,297 |
| Depreciation and amortization expense (a) | 9,551 | 7,977 | 6,901 | 5,859 | 5,008 |
| Non-cash share-based compensation (b) | 6,912 | 5,949 | 4,195 | 3,972 | 3,723 |
| Launch expense (c) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626 |
| Loss on disposal of equipment | 649 | — | — | — | — |
| Secondary offering expenses (d) | 302 | 362 | — | — | 593 |
| Leadership transition expenses (e) | — | — | 63 | 1,291 | — |
| Litigation expense (f) | — | 348 | 145 | — | — |
| Adjusted SG&A Expenses | $92,473 | $76,698 | $60,797 | $48,651 | $46,347 |
| Adjusted SG&A Expenses as a % of Net Sales | 37.6% | 39.7% | 39.9% | 37.5% | 40.8% |
Paragraphs:
The following table provides a reconciliation of Adjusted SG&A to SG&A expenses, the most directly comparable financial measure presented in accordance with U.S. GAAP:
(a) Represents depreciation and amortization expense included in SG&A.
(b) Represents non-cash share-based compensation expense included in SG&A.
(c) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.
(d) Represents fees associated with secondary public offerings of our common stock.
(e) Represents charges associated with our former Chief Executive Officer’s separation agreement, as well as changes in estimates associated with leadership transition costs
(f) Represents fees associated with two securities lawsuits.
Question:
What does secondary offering expenses represent?
Answer: fees associated with secondary public offerings of our common stock