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SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
For the three months ended March 31, 2017, we incurred share-based compensation costs of $29 million (2016: $17 million) in respect of all restricted stock, share-settled restricted stock units, and cash-settled restricted stock units, and recorded associated tax benefits of $7 million (2016: $4 million).

The total fair value of share-settled restricted stock units and cash-settled restricted stock units that vested during the three months ended March 31, 2017 was $120 million (2016: $57 million), including $44 million, attributable to the grant of 3 year cliff vest service-based awards in 2014. At March 31, 2017 there were $130 million of unrecognized compensation costs, which are expected to be recognized over the weighted average period of 2.9 years.

Share-settled Awards

The following table provides a reconciliation of the beginning and ending balance of nonvested share-settled restricted stock units for the three months ended March 31, 2017:
 
 
Performance-based Stock Awards
 
Service-based Stock Awards
 
 
 
Number of
Restricted
Stock Units
 
Weighted Average
Grant Date
Fair Value(1)
 
Number of
Restricted
Stock Units
 
Weighted  Average
Grant Date
Fair Value(1)
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested restricted stock - beginning of period
283

 
$
51.27

 
1,593

 
$
48.88

 
 
     Granted
87

 
64.58

 
504

 
64.16

 
 
     Vested(2)
(119
)
 
49.14

 
(839
)
 
47.26

 
 
     Forfeited
—

 
—

 
(9
)
 
50.57

 
 
Nonvested restricted stock - end of period
251

 
$
56.88

 
1,249

 
$
56.63

 
 
 
 
 
 
 
 
 
 
 

(1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the grant approval date.
(2) Included within the number of share-settled restricted stock units vested during the three months ended March 31, 2017 were 313,391 shares attributable to the grant of 3 year cliff vest service-based awards in 2014.

Cash-settled awards

The following table provides a reconciliation of the beginning and ending balance of nonvested cash-settled restricted stock units for the three months ended March 31, 2017:
 
 
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
68

 
1,392

 
 
     Granted
15

 
407

 
 
     Vested(1)
(38
)
 
(725
)
 
 
     Forfeited
—

 
(9
)
 
 
Nonvested restricted stock units - end of period
45

 
1,065

 
 
 
 
 
 
 

(1) Included within the number of cash settled restricted stock units vested during the three months ended March 31, 2017 were 307,556 units attributable to the one-time grant in 2014 of 3 year cliff vest service based awards.

At March 31, 2017, the corresponding liability for cash-settled restricted stock units, included in other liabilities in the Consolidated Balance Sheets, was $9 million (2016: $22 million).