Share-based Payments

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Expense

The following table summarizes share-based compensation expense included within our condensed consolidated statements of income:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(In millions)	2015			2014			2015			2014
Research and development	$	22.1		$	24.5		$	57.5		$	53.9
Selling, general and administrative	26.2			33.6			81.8			80.8
Subtotal	48.3			58.1			139.3			134.7
Capitalized share-based compensation costs	(2.2		)	(2.6		)	(5.6		)	(5.2		)
Share-based compensation expense included in total cost and expenses	46.1			55.5			133.7			129.5
Income tax effect	(12.9		)	(16.5		)	(39.6		)	(38.8		)
Share-based compensation expense included in net income attributable to Biogen Inc.	$	33.2		$	39.0		$	94.1		$	90.7

The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(In millions)	2015			2014			2015			2014
Market stock units	$	9.1		$	8.2		$	26.1		23.1
Time-vested restricted stock units	31.8			29.2			63.7			58.4
Cash settled performance units	3.2			14.0			27.0			35.4
Performance units	1.2			4.0			14.4			10.3
Employee stock purchase plan	3.0			2.7			8.1			7.5
Subtotal	48.3			58.1			139.3			134.7
Capitalized share-based compensation costs	(2.2		)	(2.6		)	(5.6		)	(5.2		)
Share-based compensation expense included in total cost and expenses	$	46.1		$	55.5		$	133.7		$	129.5

Grants Under Share-based Compensation Plans

The following table summarizes our equity grants to employees, officers and directors under our current stock plans:



	For the Six Months Ended June 30,
	2015	2014
Market stock units	179,000	222,000
Cash settled performance shares	115,000	180,000
Performance units	89,000	50,000
Time-vested restricted stock units	375,000	418,000

Employee Stock Purchase Plan (ESPP)

In June 2015, our stockholders approved the Biogen Inc. 2015 Employee Stock Purchase Plan (ESPP). The ESPP, which became effective on July 1, 2015, replaced the Biogen Idec Inc. 1995 ESPP (1995 ESPP), which expired on June 30, 2015. The maximum aggregate number of shares of our common stock that may be purchased under the ESPP is 6,200,000.

For the six months ended June 30, 2015, approximately 98,000 shares were issued under our 1995 ESPP compared to approximately 112,000 shares issued in the prior year comparative period.