Watermark shadows no longer render in lightroom 5?

[One Frame at a Time]

Hi,

I have been happily using LR 5 for sometime without issue.  Everything works as it should except lately, when I try to export jpegs out of LR
the shadow for watermarking does not work.  The box is checked but it seems to do nothing in the watermark preview or on the export.
Any ideas?

Thanks,

Paul