18. Share Plans

Total share-based compensation expense, which was included primarily in selling, general, and administrative expenses on the Condensed Consolidated Statements of Operations, was as follows:

	For the Quarters Ended				For the Six Months Ended
	March 25, 2016		March 27, 2015		March 25, 2016		March 27, 2015
	(in millions)
Share-based compensation expense	$	21	$	21	$	43	$	44

As of March 25, 2016, there was $168 million of unrecognized compensation expense related to share-based awards, which is expected to be recognized over a weighted-average period of 2.0 years.

During the first quarter of fiscal 2016, we granted the following equity awards as part of our annual incentive plan grant:

	Shares		Weighted- Average Grant-Date Fair Value
	(in millions)
Share options		1.8	$	14.37
Restricted share awards		0.7		65.95
Performance share awards		0.3		65.95

As of March 25, 2016, we had 16 million shares available for issuance under our stock and incentive plans, of which the TE Connectivity Ltd. 2007 Stock and Incentive Plan, as amended and restated, was the primary plan.

Share-Based Compensation Assumptions

The weighted-average assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows:

Expected share price volatility		26	%
Risk free interest rate		2.01	%
Expected annual dividend per share	$	1.32
Expected life of options (in years)		5.7