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SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
For the three months ended March 31, 2015, we incurred share-based compensation costs of $19 million (2014: $17 million) and recorded associated tax benefits of $4 million (2014: $3 million).

The fair value of shares vested during the three months ended March 31, 2015 was $63 million (2014: $61 million). At March 31, 2015 there were $148 million of unrecognized share-based compensation costs, which are expected to be recognized over the weighted average period of 2.6 years.

Awards to settle in shares

The following table provides a reconciliation of the beginning and ending balance of nonvested restricted stock (including restricted stock units) for the three months ended March 31, 2015:
 
 
Performance-based Stock Awards
 
Service-based Stock Awards
 
 
 
Number of
Restricted
Stock
 
Weighted Average
Grant Date
Fair Value
 
Number of
Restricted
Stock
 
Weighted Average
Grant Date
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested restricted stock - beginning of period
347

 
$
37.34

 
2,768

 
$
38.70

 
 
     Granted
60

 
51.31

 
511

 
51.31

 
 
     Vested
—

 
—

 
(984
)
 
36.42

 
 
     Forfeited
—

 
—

 
(17
)
 
41.28

 
 
Nonvested restricted stock - end of period
407

 
$
39.39

 
2,278

 
$
42.49

 
 
 
 
 
 
 
 
 
 
 


Cash-settled awards

During 2015 we also granted 486,508 restricted stock units that will settle in cash rather than shares when the awards ultimately vest; of which 18,659 restricted stock units are performance based and 467,849 restricted stock units are service based. At March 31, 2015, the corresponding liability for cash-settled units, included in other liabilities on the Consolidated Balance Sheet, was $13 million (2014: $5 million).