In this paper I explore the ambiguity that arises between two readings of the counterfactual construction, then–d and thel–p, analyzed in my bookA Theory of Counterfactuals. I then extend the analysis I offered there to counterfactuals with true antecedents, and offer a more precise formulation of the conception of temporal divergence points used in thel–p interpretation. Finally, I discuss some ramifications of these issues for counterfactual analyses of knowledge.