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Share-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation Plans | Share-Based Compensation Plans The following table summarizes share-based compensation expense recognized in the Condensed Consolidated Statements of Income in Compensation and benefits (in millions):
| Three months ended March 31
| 2017 |  | 2016
Restricted share units (“RSUs”) | $ | 55 |  |  | $ | 57 |
Performance share awards (“PSAs”) | 19 |  |  | 19 |
Employee share purchase plans | 4 |  |  | 3 |
Total share-based compensation expense | $ | 78 |  |  | $ | 79 |
Restricted Share Units RSUs generally vest between three and five years. The fair value of RSUs is based upon the market value of Aon ordinary shares at the date of grant. With certain limited exceptions, any break in continuous employment will cause the forfeiture of all non-vested awards. Compensation expense associated with RSUs is recognized on a straight-line basis over the requisite service period. Dividend equivalents are paid on certain RSUs, based on the initial grant amount. The following table summarizes the status of the Company’s RSUs, including shares related to the Divested Business (shares in thousands):
| Three months ended March 31
| 2017 |  | 2016
| Shares |  | Fair Value (1) |  | Shares |  | Fair Value (1)
Non-vested at beginning of period | 6,195 |  |  | $ | 89 |  |  | 7,167 |  |  | $ | 77 |
Granted | 614 |  |  | 119 |  |  | 851 |  |  | 99 |
Vested | (960 | ) |  | 90 |  |  | (1,379 | ) |  | 73 |
Forfeited | (50 | ) |  | 91 |  |  | (94 | ) |  | 78 |
Non-vested at end of period | 5,799 |  |  | $ | 92 |  |  | 6,545 |  |  | $ | 81 |
(1) | Represents per share weighted-average fair value of award at date of grant.
Unamortized deferred compensation expense amounted to $392 million as of March 31, 2017, with a remaining weighted-average amortization period of approximately 2.0 years. Performance Share Awards The vesting of PSAs is contingent upon meeting a cumulative level of earnings per share performance over a three-year period. The actual issue of shares may range from 0-200% of the target number of PSAs granted, based on the terms of the plan and level of achievement of the related performance target. The grant date fair value of PSAs is based upon the market price of an Aon ordinary share at the date of grant. The performance conditions are not considered in the determination of the grant date fair value for these awards. Compensation expense is recognized over the performance period based on management’s estimate of the number of units expected to vest. Management evaluates its estimate of the actual number of shares expected to be issued at the end of the programs on a quarterly basis. The cumulative effect of the change in estimate is recognized in the period of change as an adjustment to Compensation and benefits expense, if necessary. Dividend equivalents are not paid on PSAs. Information as of March 31, 2017 regarding the Company’s target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the three months ended March 31, 2017 and the years ended December 31, 2016 and 2015, respectively, is as follows (shares in thousands and dollars in millions, except fair value):
| March 31, 2017 |  | December 31, 2016 |  | December 31, 2015
Target PSAs granted during period | 538 |  |  | 750 |  |  | 963 |
Weighted average fair value per share at date of grant | $ | 115 |  |  | $ | 100 |  |  | $ | 96 |
Number of shares that would be issued based on current performance levels | 538 |  |  | 667 |  |  | 1,361 |
Unamortized expense, based on current performance levels | $ | 62 |  |  | $ | 39 |  |  | $ | 32 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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