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SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
For the three months ended June 30, 2016, we incurred share-based compensation costs of $19 million (2015: $10 million) and recorded associated tax benefits of $5 million (2015: $4 million). For the six months ended June 30, 2016, we incurred share-based compensation costs of $36 million (2015: $29 million) and recorded associated tax benefits of $8 million (2015: $8 million).

The total fair value of restricted stock, restricted stock units and cash settled awards vested during the six months ended June 30, 2016 was $62 million (2015: $71 million). At June 30, 2016 there were $122 million of unrecognized 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 six months ended June 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

 
584

 
53.84

 
 
     Vested
(16
)
 
44.33

 
(774
)
 
39.21

 
 
     Forfeited
—

 
—

 
(40
)
 
46.51

 
 
Nonvested restricted stock - end of period
289

 
$
51.14

 
1,724

 
$
48.69

 
 
 
 
 
 
 
 
 
 
 

(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 six months ended June 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

 
491

 
 
     Vested
—

 
(366
)
 
 
     Forfeited
—

 
(40
)
 
 
Nonvested restricted stock units - end of period
88

 
1,518

 
 
 
 
 
 
 


At June 30, 2016, the corresponding liability for cash-settled units, included in other liabilities on the Consolidated Balance Sheets, was $30 million (2015: $20 million).