have been authorized to be granted as share options or share awards to non-employee directors of the Company.
At December 31, 2012 there were 415,638 remaining shares available to be granted under the 2003 Director Plan.
Board actions in 2001, 2000 and 1999, which were not approved by shareholders, awarded options to nonemployee directors.
The Board actions were designed to award non-employee directors, whose services are considered essential to the Company’s continued success, with the option to purchase common shares to increase their ownership interest in the Company and to align such interests with those of the shareholders of the Company.
Under Board actions in 2001, 2000 and 1999; 40,000, 30,000 and 26,000 common shares, respectively, were granted as share options to non-employee directors of the Company.
Options and restricted shares granted under the 2010 Employee Plan, the 2002 Employee Plan and the 1995 Employee Plan vest at the earliest of 20% per year over five years or in accordance with any applicable employment agreement.
Options granted under the 1995 Director Plan vested at 50% per year over two years.
Options and restricted shares granted under the 2003 Director Plan generally vest at 33% per year over three years, unless an alternate vesting period is authorized by the Board.
Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement.
The 2001, 2000 and 1999 Board actions vest at 33% per year over three years.
All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant.
For share options and restricted shares granted under the 2010 Employee Plan, the 2002 Employee Plan, the 1995 Employee Plan, the 2009 Director Plan, the 2003 Director Plan and the 1995 Director Plan, sharebased compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $31,984 thousand, $17,693 thousand and $14,726 thousand for the years ended December 31, 2012, 2011 and 2010, respectively.
The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $2,792 thousand, $4,164 thousand and $3,684 thousand for the years ended December 31, 2012, 2011 and 2010, respectively.
For the year ended December 31, 2012, share-based compensation awards granted were 310,370 restricted shares; and 320,454 options, granted on February 22, 2012 and September 19, 2012, with a grant exercise price of $88.32 and $110.13, respectively, per share and a per option fair value of $19.20 and $22.55, respectively.
The fair value per option was calculated on the date of the grant using the BlackScholes option valuation model.
The following assumptions were used in calculating the fair value of the options granted:
## Table 0 ##
In 2008, the Company adopted the required FASB accounting guidance that recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares.
In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards should be included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards.
For the years ended December 31, 2012, 2011 and 2010, the Company recognized $162 thousand, $136 thousand and $124 thousand, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares.
The following table is derived from the Ten Year GAAP Loss Development Table above and summarizes the effect of reserve re-estimates, net of reinsurance, on calendar year operations by accident year for the same ten year period ended December 31, 2012.
Each column represents the amount of net reserve re-estimates made in the indicated calendar year and shows the accident years to which the re-estimates are applicable.
The amounts in the total accident year column on the far right represent the cumulative reserve re-estimates for the indicated accident years.
Since the Company has operations in many countries, part of the Company’s loss and LAE reserves are in foreign currencies and translated to U. S.  dollars for each reporting period.
Fluctuations in the exchange rates for the currencies, period over period, affect the U. S.  dollar amount of outstanding reserves.
The translation adjustment line at the bottom of the table eliminates the impact of the exchange fluctuations from the reserve re-estimates.
## Table 1 ##
The reserve development by accident year reflected in the above table was generally the result of the same factors described above that caused the deficiencies shown in the Ten Year GAAP Loss Development Table.
The unfavorable development experienced in the 2002 and prior accident years relate principally to the previously discussed asbestos development.
Other business areas contributing to adverse development were casualty reinsurance, including professional liability classes, and workers’ compensation insurance, where, in retrospect, the Company’s initial estimates of losses were underestimated principally as the result of unanticipated variability in the underlying exposures.
The favorable development for accident years 2003 through 2004 relates primarily to favorable experience with respect to property reinsurance business.
In addition, casualty reinsurance has reflected favorable development for accident years 2003 to 2006.
The Company’s loss reserving methodologies continuously monitor the emergence of loss and loss development trends, seeking, on a timely basis, to both adjust reserves for the impact of trend shifts and to factor the impact of such shifts into the Company’s underwriting and pricing on a prospective basis.
Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2015 presentation.
B.
Investments.
Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets.
Fixed maturity and equity securities carried at fair value reflect fair value remeasurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss).
The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders’ equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities.
The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities.
Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency.
The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities.
For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions.
Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss).
Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses.
Short-term investments are stated at cost, which approximates market value.
Realized gains or losses on sales of investments are determined on the basis of identified cost.
For nonpublicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U. S.  Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security.
For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs.
When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.
Retrospective adjustments are employed to recalculate the values of asset-backed securities.
Each acquisition lot is reviewed to recalculate the effective yield.
The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition.
Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities.
Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types.
Other invested assets include limited partnerships and rabbi trusts.
Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag.
C.  Uncollectible Receivable Balances.
The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management’s assessment of the collectability of the outstanding balances.
Such reserves are presented in the table below for the periods indicated.
## Table 2 ##
2014 vs.  2013 Sales increased 9%, as higher volumes of 9% and favorable currency of 1% were partially offset by lower pricing of 1%.
Electronics sales increased 8%, as higher delivery systems equipment sales and materials volumes of 8% and favorable currency of 1% were partially offset by lower pricing of 1%.
Performance Materials sales increased 10%, as higher volumes of 11% were partially offset by lower pricing of 1%.
The higher volumes were across all product lines and major regions.
The lower pricing was primarily due to unfavorable mix impacts.
Operating income of $425.3 increased 32%, or $104.0, primarily from higher volumes of $93, lower operating costs of $31, and favorable currency impacts of $5, partially offset by unfavorable price and mix impacts of $26.
Operating margin of 17.4% increased 310 bp, primarily due to improved loading and leverage from the higher volumes and improved cost performance, partially offset by the unfavorable pricing impacts.2013 vs.  2012 Sales decreased 3%, as lower volumes of 4% and lower pricing of 1% were partially offset by acquisitions of 2%.
Electronics sales decreased 8%, as weaker materials volumes and equipment sales were partially offset by the acquisition of DA NanoMaterials.
Performance Materials sales increased 2%, as higher volumes of 4% were partially offset by lower pricing of 2%.
The increase in volumes was primarily due to strength in the automobile and U. S.  housing markets partially offset by weaker volumes to certain construction markets and marine coatings.
The lower pricing was primarily due to unfavorable mix impacts.
Operating income of $321.3 decreased 25%, or $104.3, and operating margin of 14.3% decreased 400 bp, as 2012 included a gain on the previously held equity interest in DA NanoMaterials of $85.9.
On a non-GAAP basis, operating income of $321.3 decreased 5%, or $18.4, primarily from unfavorable price and mix impacts of $15, lower volumes of $9, and higher operating costs of $4 partially offset by higher acquisitions of $6 and favorable currency of $4.
Operating margin decreased 30 bp, primarily due to lower volumes and unfavorable price mix.
Equipment and Energy
## Table 3 ##
2014 vs.  2013 Sales of $450.4 were relatively flat as higher liquefied natural gas (LNG) project activity was offset by lower air separation (ASU) project activity.
Operating income of $88.2 increased from the higher LNG project activity.
The sales backlog for the Equipment business at 30 September 2014 was $520, compared to $402 at 30 September 2013.
The increase was primarily due to new LNG orders as global project development activity remains high.
It is expected that approximately $320 of the backlog will be completed during 2015.2013 vs.  2012 Sales of $451.1 increased primarily from higher LNG project activity.
Operating income of $65.5 increased from the higher LNG project activity.
The sales backlog for the Equipment business at 30 September 2013 was $402, compared to $450 at 30 September 2012.
Other Other operating income (loss) primarily includes other expense and income that cannot be directly associated with the business segments, including foreign exchange gains and losses.
Also included are LIFO inventory valuation adjustments, as the business segments use FIFO, and the LIFO pool valuation adjustments are not allocated to the business segments.
Other also included stranded costs resulting from discontinued operations, as these costs were not reallocated to the businesses in 2012.2014 vs.  2013 Other operating loss was $13.5, compared to $4.7 in the prior year.
The decrease was primarily due to unfavorable foreign exchange losses of $5 and LIFO adjustments of $4.2013 vs.  2012 Other operating loss was $4.7, compared to $6.6 in the prior year.
The other operating loss in 2013 includes an unfavorable LIFO adjustment versus the prior year of $11.
The other operating loss in 2012 included stranded costs from discontinued operations of $10.
HCP, Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Unconsolidated Variable Interest Entities At December 31, 2010, the Company leased 48 properties to a total of seven VIE tenants and had additional investments in loans to VIE borrowers.
The Company has determined that it is not the primary beneficiary of these VIEs.
The carrying value and classification of the related assets, liabilities and maximum exposure to loss as a result of the Company’s involvement with these VIEs are presented below at December 31, 2010 (in thousands):
## Table 4 ##
(1) The Company’s maximum loss exposure related to the VIE tenants represents the future minimum lease payments over the remaining term of the respective leases that may be mitigated by re-leasing the properties to new tenants.
The Company’s maximum loss exposure related to loans with VIEs represents their current aggregate carrying value including accrued interest.
As of December 31, 2010 the Company has not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e. g. , cash short falls).
The Company holds an interest-only, senior secured term loan made to a borrower that has been identified as a VIE.
The Company does not consolidate the VIE because it does not have the ability to control the activities that most significantly impact the VIE’s economic performance.
The loan is collateralized by all of the assets of the borrower (comprised primarily of interests in partnerships that operate surgical facilities, some of which are on the premises of properties owned by the Company or HCP Ventures IV) and is supported in part by limited guarantees made by certain principals of Cirrus.
Recourse under certain of these guarantees is limited to the guarantors’ respective ownership interests in certain entities owning real estate that are pledged to secure such guarantees.
On December 21, 2007, the Company made an investment of approximately $900 million in mezzanine loans where each borrower was identified as a VIE.
The Company has determined that it is not the primary beneficiary of these VIEs.
The Company has no formal involvement in the VIEs beyond its investment.
The Company does not consolidate the VIEs because it does not have the ability to control the activities that most significantly impact the VIE’s economic performance.
At December 31, 2010, these interest-only loans are secured by an indirect pledge of equity ownership in 334 HCR ManorCare facilities located in 30 states and were subordinate to other debt of approximately $3.6 billion.
See Note 5 for discussions on the HCR ManorCare Acquisition.
See Notes 6, 7 and 12 for additional description of the nature, purpose and activities of the Company’s VIEs and interests therein.
(22) Fair Value Measurements The following table illustrates the Company’s financial assets and liabilities measured at fair value in the consolidated balance sheets.
Recognized gains and losses are recorded in other income, net on the Company’s consolidated statements of income.
During the year ended December 31, 2010, there were no transfers of financial assets or liabilities between levels within the fair value hierarchy.
The Company evaluates performance based upon: (i) property net operating income from continuing operations (“NOI”) and (ii) Adjusted NOI.
NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, and income from direct financing leases), less property level operating expenses (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss).
Adjusted NOI is calculated as NOI after eliminating the effects of straightline rents, DFL non-cash interest, amortization of market lease intangibles, lease termination fees, actuarial reserves for insurance claims?that have been incurred but not reported and the impact of deferred community fee income and expense.
NOI and Adjusted NOI exclude the Company’s share of income (loss) generated by unconsolidated joint ventures, which is recognized in equity income (loss) from unconsolidated joint ventures in the consolidated statements of operations.
Non-segment assets consist of assets in the Company’s other non-reportable segments (see above) and corporate non-segment assets.
Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, marketable equity securities and, if any, real estate held for sale.
See Note 20 for other information regarding concentrations of credit risk.
The following tables summarize information for the reportable segments (in thousands): For the year ended December?31, 2018:
## Table 5 ##
(1) Represents rental and related revenues, resident fees and services, and income from DFLs.
(2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims?that have been incurred but not reported, deferral of community fees, net and termination fees.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Weighted-average volatility</td><td>26.16%</td><td>26.46%</td><td>26.82%</td></tr><tr><td>Weighted-average dividend yield</td><td>2.00%</td><td>2.00%</td><td>2.00%</td></tr><tr><td>Weighted-average expected term</td><td>6.69 years</td><td>6.73 years</td><td>6.74 years</td></tr><tr><td>Weighted-average risk-free rate</td><td>1.33%</td><td>2.80%</td><td>3.04%</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2003</td><td>2004</td><td>2005</td><td>2006</td><td>2007</td><td>2008</td><td>2009</td><td>2010</td><td>2011</td><td>2012</td><td>Cumulative Re-estimates for Each Accident Year</td></tr><tr><td>Accident Years</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2002 and prior</td><td>$-256.9</td><td>$-482.3</td><td>$-70.3</td><td>$-357.2</td><td>$-444.6</td><td>$-37.8</td><td>$-79.0</td><td>$-75.1</td><td>$-5.4</td><td>$4.4</td><td>$-1,804.1</td></tr><tr><td>2003</td><td></td><td>170.3</td><td>133.7</td><td>109.7</td><td>26.0</td><td>17.5</td><td>-54.5</td><td>-27.1</td><td>-2.0</td><td>-7.5</td><td>366.2</td></tr><tr><td>2004</td><td></td><td></td><td>69.9</td><td>140.7</td><td>99.2</td><td>83.5</td><td>-32.1</td><td>18.1</td><td>-3.2</td><td>-12.3</td><td>363.7</td></tr><tr><td>2005</td><td></td><td></td><td></td><td>-137.6</td><td>130.1</td><td>56.3</td><td>-28.6</td><td>38.2</td><td>-12.1</td><td>17.4</td><td>63.6</td></tr><tr><td>2006</td><td></td><td></td><td></td><td></td><td>-88.4</td><td>50.9</td><td>-18.3</td><td>42.8</td><td>-3.0</td><td>25.7</td><td>9.6</td></tr><tr><td>2007</td><td></td><td></td><td></td><td></td><td></td><td>41.5</td><td>17.6</td><td>43.6</td><td>-5.7</td><td>-1.8</td><td>95.3</td></tr><tr><td>2008</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-52.5</td><td>38.6</td><td>-12.4</td><td>-7.7</td><td>-34.0</td></tr><tr><td>2009</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>7.4</td><td>-0.8</td><td>-18.5</td><td>-11.8</td></tr><tr><td>2010</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>47.1</td><td>-8.9</td><td>38.1</td></tr><tr><td>2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-10.2</td><td>-10.2</td></tr><tr><td>Total calendar year effect</td><td>$-256.9</td><td>$-312.0</td><td>$133.3</td><td>$-244.4</td><td>$-277.8</td><td>$211.8</td><td>$-247.2</td><td>$86.5</td><td>$2.5</td><td>$-19.4</td><td></td></tr><tr><td>Canada-1</td><td>-26.6</td><td>-16.3</td><td>-6.6</td><td>-0.5</td><td>-49.6</td><td>63.7</td><td>-39.4</td><td>-21.2</td><td>9.7</td><td>-9.9</td><td></td></tr><tr><td>Translation adjustment</td><td>86.7</td><td>78.9</td><td>-100.3</td><td>109.3</td><td>120.9</td><td>-310.4</td><td>157.8</td><td>-34.5</td><td>-15.9</td><td>32.9</td><td></td></tr><tr><td>Re-estimate of net reserve after translation adjustment</td><td>$-196.8</td><td>$-249.4</td><td>$26.4</td><td>$-135.6</td><td>$-206.5</td><td>$-34.9</td><td>$-128.8</td><td>$30.9</td><td>$-3.7</td><td>$3.7</td><td></td></tr><tr><td colspan="3">-1 This adjustment converts Canadian dollars to U.S. dollars.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td>Years Ended December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2015</td><td>2014</td></tr><tr><td>Reinsurance receivables and premium receivables</td><td>$22,878</td><td>$29,497</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Sales</td><td>$450.4</td><td>$451.1</td><td>$420.1</td></tr><tr><td>Operating income</td><td>88.2</td><td>65.5</td><td>44.6</td></tr></table>
<table><tr><td> VIE Type</td><td> Maximum Loss Exposure<sup>-1</sup></td><td> Asset/Liability Type</td><td> Carrying Amount</td></tr><tr><td>VIE tenants—operating leases</td><td>$384,626</td><td>Lease intangibles, net and straight-line rent receivables</td><td>$14,627</td></tr><tr><td>VIE tenants—DFLs</td><td>1,198,995</td><td>Net investment in DFLs</td><td>583,566</td></tr><tr><td>Loans—senior secured</td><td>93,104</td><td>Loans receivable, net</td><td>93,104</td></tr><tr><td>Loans—mezzanine</td><td>956,075</td><td>Loans receivable, net</td><td>956,075</td></tr></table>
<table><tr><td>Segments</td><td>Senior Housing Triple-Net</td><td>SHOP</td><td>Life Science</td><td>Medical Office</td><td>Other Non-reportable</td><td>Corporate Non-segment</td><td>Total</td></tr><tr><td>Real estate revenues<sup>-1</sup></td><td>$276,091</td><td>$547,976</td><td>$395,064</td><td>$509,019</td><td>$108,133</td><td>$—</td><td>$1,836,283</td></tr><tr><td>Operating expenses</td><td>-3,618</td><td>-414,312</td><td>-91,742</td><td>-189,859</td><td>-5,507</td><td>—</td><td>-705,038</td></tr><tr><td>NOI</td><td>272,473</td><td>133,664</td><td>303,322</td><td>319,160</td><td>102,626</td><td>—</td><td>1,131,245</td></tr><tr><td>Adjustments to NOI<sup>-2</sup></td><td>2,127</td><td>2,875</td><td>-9,589</td><td>-2,899</td><td>-4,418</td><td>—</td><td>-11,904</td></tr><tr><td>Adjusted NOI</td><td>274,600</td><td>136,539</td><td>293,733</td><td>316,261</td><td>98,208</td><td>—</td><td>1,119,341</td></tr><tr><td>Addback adjustments</td><td>-2,127</td><td>-2,875</td><td>9,589</td><td>2,899</td><td>4,418</td><td>—</td><td>11,904</td></tr><tr><td>Interest income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>10,406</td><td>—</td><td>10,406</td></tr><tr><td>Interest expense</td><td>-2,404</td><td>-2,725</td><td>-316</td><td>-474</td><td>-1,469</td><td>-258,955</td><td>-266,343</td></tr><tr><td>Depreciation and amortization</td><td>-79,605</td><td>-104,405</td><td>-140,480</td><td>-193,710</td><td>-31,299</td><td>—</td><td>-549,499</td></tr><tr><td>General and administrative</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-96,702</td><td>-96,702</td></tr><tr><td>Transaction costs</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-10,772</td><td>-10,772</td></tr><tr><td>Recoveries (impairments), net</td><td>—</td><td>-44,343</td><td>-7,639</td><td>—</td><td>-3,278</td><td>—</td><td>-55,260</td></tr><tr><td>Gain (loss) on sales of real estate, net</td><td>641</td><td>93,977</td><td>806,184</td><td>4,428</td><td>20,755</td><td>—</td><td>925,985</td></tr><tr><td>Loss on debt extinguishment</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-44,162</td><td>-44,162</td></tr><tr><td>Other income (expense), net</td><td>—</td><td>—</td><td>—</td><td>—</td><td>9,605</td><td>3,711</td><td>13,316</td></tr><tr><td>Income tax benefit (expense)</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>17,854</td><td>17,854</td></tr><tr><td>Equity income (loss) from unconsolidated joint ventures</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-2,594</td><td>—</td><td>-2,594</td></tr><tr><td>Net income (loss)</td><td>$191,105</td><td>$76,168</td><td>$961,071</td><td>$129,404</td><td>$104,752</td><td>$-389,026</td><td>$1,073,474</td></tr></table>

Question: What is the sum of Loans—senior secured of Maximum Loss Exposure, and Addback adjustments of SHOP ?
Answer: 95979
Reasoning program: add(93104.0,2875.0)