PERFORMANCE GRAPH The following chart presents a comparison for the five-year period ended June 30, 2018, of the market performance of the Company’s common stock with the S&P 500 Index and an index of peer companies selected by the Company.
Historic stock price performance is not necessarily indicative of future stock price performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN Among Jack Henry & Associates, Inc. , the S&P 500 Index, and a Peer Group
## Table 0 ##
This comparison assumes $100 was invested on June 30, 2013, and assumes reinvestments of dividends.
Total returns are calculated according to market capitalization of peer group members at the beginning of each period.
Peer companies selected are in the business of providing specialized computer software, hardware and related services to financial institutions and other businesses.
Companies in the peer group are ACI Worldwide, Inc. ; Bottomline Technology, Inc. ; Broadridge Financial Solutions; Cardtronics, Inc. ; Convergys Corp. ; Corelogic, Inc. ; Euronet Worldwide, Inc. ; Fair Isaac Corp. ; Fidelity National Information Services, Inc. ; Fiserv, Inc. ; Global Payments, Inc. ; Moneygram International, Inc. ; SS&C Technologies Holdings, Inc. ; Total Systems Services, Inc. ; Tyler Technologies, Inc. ; Verifone Systems, Inc. ; and WEX, Inc.  DST Systems, Inc. , which had previously been part of the peer group, was acquired in 2018 and is no longer a public company.
As a result, DST Systems, Inc.  has been removed from the peer group and stock performance graph.
The stock performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing
Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty.
Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date.
The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations.
The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed.
Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study.
The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.
The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos.
Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water.
Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.
The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims.
The Company’s A&E liabilities emanate from Mt.
McKinley’s direct insurance business and Everest Re’s assumed reinsurance business.
All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago.
There are significant uncertainties surrounding the Company’s reserves for its A&E losses.
A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy.
The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:
## Table 1 ##
On July 13, 2015, the Company sold Mt.
McKinley, a Delaware domiciled insurance company and whollyowned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company.
Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater Insurance Company.
Per the retrocession treaty, the Company retroceded 100% of the liabilities associated with certain Mt.
McKinley policies, which related entirely to A&E business and had been reinsured by Bermuda Re.
As consideration for entering into the retrocession treaty, Everest Re Bermuda transferred cash of $140,279 thousand, an amount equal to the net loss reserves as of the closing date.
The maximum liability retroceded under the retrocession treaty will be $440,279 thousand, equal to the retrocession payment plus $300,000 thousand.
The Company will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty.
Reinsurance Receivables.
Reinsurance receivables for both paid and recoverable on unpaid losses totaled $1,018,325 thousand and $894,037 thousand at December 31, 2016 and 2015, respectively.
At December 31, 2016, $175,042 thousand, or 17.2%, was receivable from Resolution Group Reinsurance (Barbados) Limited (“Resolution Group”); $129,040 thousand, or 12.7%, was receivable from C. V.  Starr (Bermuda) (“C.
V.  Starr”); $109,392 thousand, or 10.7%, was receivable from Zurich Vericherungs Gesellschaft (“Zurich”); $78,225 thousand, or
The following table summarizes information about share options outstanding for the period indicated:
## Table 2 ##
The following table summarizes the status of the Company’s non-vested shares and changes for the periods indicated:
## Table 3 ##
As of December 31, 2016, there was $51,511 thousand of total unrecognized compensation cost related to non-vested share-based compensation expense.
That cost is expected to be recognized over a weightedaverage period of 3.1 years.
The total fair value of shares vested during the years ended December 31, 2016, 2015 and 2014, was $27,427 thousand, $17,464 thousand and $12,797 thousand, respectively.
The tax benefit realized from the shares vested for the year ended December 31, 2016 was $8,061 thousand.
In addition to the 2010 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 547 common shares in 2016, 426 common shares in 2015 and 476 common shares in 2014 to the Company’s non-employee directors as compensation for their service as directors.
These issuances had aggregate values of approximately $103 thousand, $75 thousand and $75 thousand, respectively.
Since its 1995 initial public offering, the Company has issued to certain key employees of the Company 1,997,372 restricted common shares, of which 258,587 restricted shares have been cancelled.
The Company has issued to non-employee directors of the Company 129,817 restricted common shares, of which no restricted shares have been cancelled.
The Company acquired 70,010, 82,277 and 82,490 common shares at a cost of $12,111 thousand, $14,666 thousand and $12,738 thousand in 2016, 2015 and 2014, respectively, from employees and non-employee directors who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares.
From an enterprise risk management perspective, management sets limits on the levels of catastrophe loss exposure the Company may underwrite.
The limits are revised periodically based on a variety of factors, including but not limited to the Company’s financial resources and expected earnings and risk/reward analyses of the business being underwritten.
The Company may purchase reinsurance to cover specific business written or the potential accumulation or aggregation of exposures across some or all of its operations.
Reinsurance purchasing decisions consider both the potential coverage and market conditions including the pricing, terms, conditions, availability and collectability of coverage, with the aim of securing cost effective protection from financially secure counterparties.
The amount of reinsurance purchased has varied over time, reflecting the Company’s view of its exposures and the cost of reinsurance.
Management estimates that the projected net economic loss from its largest 100-year event in a given zone represents approximately 11% of its December 31, 2016 shareholders’ equity.
Economic loss is the PML exposure, net of third party reinsurance, reduced by estimated reinstatement premiums to renew coverage and estimated income taxes.
The impact of income taxes on the PML depends on the distribution of the losses by corporate entity, which is also affected by inter-affiliate reinsurance.
Management also monitors and controls its largest PMLs at multiple points along the loss distribution curve, such as loss amounts at the 20, 50, 100, 250, 500 and 1,000 year return periods.
This process enables management to identify and control exposure accumulations and to integrate such exposures into enterprise risk, underwriting and capital management decisions.
The Company’s catastrophe loss projections, segmented by risk zones, are updated quarterly and reviewed as part of a formal risk management review process.
The table below reflects the Company’s PML exposure, net of third party reinsurance at various return periods for its top three zones/perils (as ranked by the largest 1 in 100 year economic loss) based on loss projection data as of December 31, 2016:
## Table 4 ##
The projected net economic losses for the top three zones/perils scheduled above are as follows:
## Table 5 ##
The Company believes that its methods of monitoring, analyzing and managing catastrophe exposures provide a credible risk management framework, which is integrated with its enterprise risk management, underwriting and capital management plans.
However, there is much uncertainty and imprecision inherent in the catastrophe models and the catastrophe loss estimation process generally.
As a result, there can be no assurance that the Company will not experience losses from individual events that exceed the PML or other return period projections, perhaps by a material amount.
Nor can there be assurance that the Company will not experience events impacting multiple zones, or multiple severe events that could, in the aggregate, exceed the Company’s PML expectations by a significant amount.
Financial Strength Ratings.
The following table shows the current financial strength ratings of the Company’s operating subsidiaries as reported by A. M.  Best, Standard & Poor’s and Moody’s.
These ratings are based upon factors of concern to policyholders and should not be considered an indication of the degree or lack of risk involved in a direct or indirect equity investment in an insurance or reinsurance company.
All of the below-mentioned ratings are continually monitored and revised, if necessary, by each of the rating agencies.
The ratings presented in the following table were in effect as of February 10, 2017.
The Company believes that its ratings are important as they provide the Company’s customers and its investors with an independent assessment of the Company’s financial strength using a rating scale that provides for relative comparisons.
Strong financial ratings are particularly important for reinsurance companies.
Ceding companies must rely on their reinsurers to pay covered losses well into the future.
As a result, a highly rated reinsurer is generally preferred.
## Table 6 ##
A. M.  Best states that the “A+” (“Superior”) rating is assigned to those companies which, in its opinion, have a superior ability to meet their ongoing insurance policy and contract obligations based on A. M.  Best’s comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
A. M.  Best affirmed these ratings on February 10, 2017.
Standard & Poor’s states that the “A+”/”A” ratings are assigned to those insurance companies which, in its opinion, have strong financial security characteristics with respect to their ability to pay under its insurance policies and contracts in accordance with their terms.
Standard & Poor’s affirmed these ratings on June 20, 2016.
Moody’s states that an “A1” rating is assigned to companies that, in their opinion, offer upper-medium grade security and are subject to low credit risk.
Moody’s affirmed these ratings on August 10, 2016.
Subsidiaries other than Everest Re and Bermuda Re may not be rated by some or any rating agencies because such ratings are not considered essential by the individual subsidiary’s customers, because of the limited nature of the subsidiary’s operations or because the subsidiaries are newly established and have not yet been rated by the agencies.
Debt Ratings.
The following table shows the debt ratings by A. M.  Best, Standard & Poor’s and Moody’s of the Holdings’ senior notes due June 1, 2044 and long term notes due May 1, 2067 both of which are considered investment grade.
Debt ratings are the rating agencies’ current assessment of the credit worthiness of an obligor with respect to a specific obligation.

<table><tr><td></td><td>2013</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td></tr><tr><td>JKHY</td><td>100.00</td><td>128.02</td><td>141.48</td><td>193.46</td><td>233.19</td><td>296.19</td></tr><tr><td>Peer Group</td><td>100.00</td><td>137.07</td><td>171.80</td><td>198.44</td><td>231.11</td><td>297.44</td></tr><tr><td>S&P 500</td><td>100.00</td><td>124.61</td><td>133.86</td><td>139.20</td><td>164.11</td><td>187.70</td></tr></table>
<table><tr><td></td><td colspan="3">At December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Gross basis:</td><td></td><td></td><td></td></tr><tr><td>Beginning of period reserves</td><td>$433,117</td><td>$476,205</td><td>$402,461</td></tr><tr><td>Incurred losses</td><td>73,336</td><td>40,000</td><td>142,233</td></tr><tr><td>Paid losses</td><td>-65,342</td><td>-83,088</td><td>-68,489</td></tr><tr><td>End of period reserves</td><td>$441,111</td><td>$433,117</td><td>$476,205</td></tr><tr><td>Net basis:</td><td></td><td></td><td></td></tr><tr><td>Beginning of period reserves</td><td>$319,620</td><td>$458,211</td><td>$386,677</td></tr><tr><td>Incurred losses</td><td>53,909</td><td>38,440</td><td>137,769</td></tr><tr><td>Paid losses</td><td>-54,457</td><td>-177,031</td><td>-66,235</td></tr><tr><td>End of period reserves</td><td>$319,072</td><td>$319,620</td><td>$458,211</td></tr></table>
<table><tr><td></td><td colspan="5">At December 31, 2016</td></tr><tr><td></td><td colspan="3">Options Outstanding</td><td colspan="2">Options Exercisable</td></tr><tr><td></td><td></td><td>Weighted-</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>Average</td><td>Weighted-</td><td></td><td>Weighted-</td></tr><tr><td></td><td>Number</td><td>Remaining</td><td>Average</td><td>Number</td><td>Average</td></tr><tr><td>Range of</td><td>Outstanding</td><td>Contractual</td><td>Exercise</td><td>Exercisable</td><td>Exercise</td></tr><tr><td>Exercise Prices</td><td>at 12/31/16</td><td>Life</td><td>Price</td><td>at 12/31/16</td><td>Price</td></tr><tr><td>$71.7150 - $78.1700</td><td>90,880</td><td>2.1</td><td>$71.72</td><td>90,880</td><td>$71.72</td></tr><tr><td>$78.1800 - $85.6300</td><td>71,510</td><td>3.1</td><td>84.63</td><td>71,510</td><td>84.63</td></tr><tr><td>$85.6400 - $87.4700</td><td>109,240</td><td>4.1</td><td>86.62</td><td>109,240</td><td>86.62</td></tr><tr><td>$87.4800 - $110.1300</td><td>183,364</td><td>4.4</td><td>90.46</td><td>139,064</td><td>91.14</td></tr><tr><td></td><td>454,994</td><td>3.7</td><td>84.88</td><td>410,694</td><td>84.50</td></tr></table>
<table><tr><td></td><td colspan="6">Years Ended December 31,</td></tr><tr><td></td><td colspan="2">2016</td><td colspan="2">2015</td><td colspan="2">2014</td></tr><tr><td></td><td></td><td>Weighted-</td><td></td><td>Weighted-</td><td></td><td>Weighted-</td></tr><tr><td></td><td></td><td>Average</td><td></td><td>Average</td><td></td><td>Average</td></tr><tr><td></td><td></td><td>Grant Date</td><td></td><td>Grant Date</td><td></td><td>Grant Date</td></tr><tr><td>Restricted (non-vested) Shares</td><td>Shares</td><td>Fair Value</td><td>Shares</td><td>Fair Value</td><td>Shares</td><td>Fair Value</td></tr><tr><td>Outstanding at January 1,</td><td>435,336</td><td>$143.02</td><td>467,745</td><td>$120.84</td><td>429,041</td><td>$103.50</td></tr><tr><td>Granted</td><td>173,546</td><td>186.37</td><td>156,262</td><td>178.80</td><td>176,159</td><td>147.44</td></tr><tr><td>Vested</td><td>145,834</td><td>130.54</td><td>154,387</td><td>113.12</td><td>128,549</td><td>99.55</td></tr><tr><td>Forfeited</td><td>27,710</td><td>147.32</td><td>34,284</td><td>138.19</td><td>8,906</td><td>118.82</td></tr><tr><td>Outstanding at December 31,</td><td>435,338</td><td>164.21</td><td>435,336</td><td>143.02</td><td>467,745</td><td>120.84</td></tr></table>
<table><tr><td>Return Periods (in years)</td><td>1 in 20</td><td>1 in 50</td><td>1 in 100</td><td>1 in 250</td><td>1 in 500</td><td>1 in 1,000</td></tr><tr><td>Exceeding Probability</td><td>5.0%</td><td>2.0%</td><td>1.0%</td><td>0.4%</td><td>0.2%</td><td>0.1%</td></tr><tr><td>(Dollars in millions)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Zone/ Peril</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Southeast U.S., Wind</td><td>$771</td><td>$1,213</td><td>$1,544</td><td>$1,929</td><td>$2,424</td><td>$2,882</td></tr><tr><td>California, Earthquake</td><td>113</td><td>527</td><td>1,050</td><td>1,665</td><td>2,204</td><td>2,701</td></tr><tr><td>Texas, Wind</td><td>165</td><td>477</td><td>915</td><td>1,539</td><td>2,266</td><td>2,845</td></tr></table>
<table><tr><td>Return Periods (in years)</td><td>1 in 20</td><td>1 in 50</td><td>1 in 100</td><td>1 in 250</td><td>1 in 500</td><td>1 in 1,000</td></tr><tr><td>Exceeding Probability</td><td>5.0%</td><td>2.0%</td><td>1.0%</td><td>0.4%</td><td>0.2%</td><td>0.1%</td></tr><tr><td>(Dollars in millions)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Zone/ Peril</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Southeast U.S., Wind</td><td>$460</td><td>$695</td><td>$921</td><td>$1,200</td><td>$1,499</td><td>$1,805</td></tr><tr><td>California, Earthquake</td><td>95</td><td>397</td><td>731</td><td>1,152</td><td>1,509</td><td>1,839</td></tr><tr><td>Texas, Wind</td><td>130</td><td>350</td><td>620</td><td>1,017</td><td>1,497</td><td>1,886</td></tr></table>
<table><tr><td>Operating Subsidiary:</td><td>A.M. Best</td><td>Standard & Poor's</td><td>Moody's</td></tr><tr><td>Everest Re</td><td>A+ (Superior)</td><td>A+ (Strong)</td><td>A1 (upper-medium)</td></tr><tr><td>Bermuda Re</td><td>A+ (Superior)</td><td>A+ (Strong)</td><td>A1 (upper-medium)</td></tr><tr><td>Ireland Re</td><td>A+ (Superior)</td><td>A+ (Strong)</td><td>Not Rated</td></tr><tr><td>Everest National</td><td>A+ (Superior)</td><td>A+ (Strong)</td><td>Not Rated</td></tr><tr><td>Everest Indemnity</td><td>A+ (Superior)</td><td>A+ (Strong)</td><td>Not Rated</td></tr><tr><td>Everest Security</td><td>A+ (Superior)</td><td>Not Rated</td><td>Not Rated</td></tr><tr><td>Everest International Assurance, Ltd.</td><td>A+ (Superior)</td><td>A (Strong )</td><td>Not Rated</td></tr><tr><td>Everest International</td><td>A+ (Superior)</td><td>Not Rated</td><td>Not Rated</td></tr><tr><td>Everest Canada</td><td>A+ (Superior)</td><td>Not Rated</td><td>Not Rated</td></tr><tr><td>Everest Denali</td><td>Not Rated</td><td>Not Rated</td><td>Not Rated</td></tr><tr><td>Everest Premier</td><td>Not Rated</td><td>Not Rated</td><td>Not Rated</td></tr></table>

Question: What's the sum of all Shares that are greater than 100000 in 2016?
Answer: 1190054