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SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
For the three months ended September 30, 2016, we incurred share-based compensation costs of $14 million (2015: $11 million) and recorded associated tax benefits of $3 million (2015: $3 million). For the nine months ended September 30, 2016, we incurred share-based compensation costs of $50 million (2015: $41 million) and recorded associated tax benefits of $11 million (2015: $11 million).

The total fair value of restricted stock, restricted stock units and cash settled awards vested during the nine months ended September 30, 2016 was $66 million (2015: $73 million). At September 30, 2016 there were $104 million of unrecognized compensation costs, which are expected to be recognized over the weighted average period of 2.4 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 nine months ended September 30, 2016:
 
 
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(1)
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested restricted stock - beginning of period
201

 
$
49.24

 
1,954

 
$
43.34

 
 
     Granted
104

 
53.80

 
586

 
53.81

 
 
     Vested
(48
)
 
45.38

 
(779
)
 
39.26

 
 
     Forfeited
—

 
—

 
(94
)
 
47.03

 
 
Nonvested restricted stock - end of period
257

 
$
52.04

 
1,667

 
$
48.77

 
 
 
 
 
 
 
 
 
 
 

(1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the day of the grant.

Cash-settled awards

The following table provides a reconciliation of the beginning and ending balance of nonvested cash settled restricted stock units for the nine months ended September 30, 2016:
 
 
Performance-based Cash Settled RSUs
 
Service-based Cash Settled RSUs
 
 
 
Number of
Restricted
Stock Units
 
Number of
Restricted
Stock Units
 
 
 
 
 
 
 
 
Nonvested restricted stock units - beginning of period
70

 
1,433

 
 
     Granted
18

 
494

 
 
     Vested
(32
)
 
(371
)
 
 
     Forfeited
—

 
(94
)
 
 
Nonvested restricted stock units - end of period
56

 
1,462

 
 
 
 
 
 
 


At September 30, 2016, the corresponding liability for cash-settled units, included in other liabilities on the Consolidated Balance Sheets, was $34 million (2015: $23 million).