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Share-based Payments
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Payments
Share-based Payments
Share-based Compensation Expense
The following table summarizes share-based compensation expense included in our condensed consolidated statements of income:
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In millions)
2015
 
2014
 
2015
 
2014
Research and development
$
10.8

 
$
24.2

 
$
68.3

 
$
78.1

Selling, general and administrative
17.5

 
34.7

 
99.3

 
115.5

Subtotal
28.3

 
58.9

 
167.6

 
193.6

Capitalized share-based compensation costs
(2.8
)
 
(2.3
)
 
(8.4
)
 
(7.5
)
Share-based compensation expense included in total cost and expenses
25.5

 
56.6

 
159.2

 
186.1

Income tax effect
(6.4
)
 
(16.6
)
 
(46.0
)
 
(55.4
)
Share-based compensation expense included in net income attributable to Biogen Inc.
$
19.1

 
$
40.0

 
$
113.2

 
$
130.7


The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In millions)
2015
 
2014
 
2015
 
2014
Market stock units
$
7.3

 
$
7.1

 
$
33.4

 
30.2

Time-vested restricted stock units
30.4

 
28.2

 
94.1

 
86.6

Cash settled performance units
(9.5
)
 
15.2

 
17.5

 
50.6

Performance units
(2.8
)
 
5.7

 
11.6

 
16.0

Employee stock purchase plan
2.9

 
2.7

 
11.0

 
10.2

Subtotal
28.3

 
58.9

 
167.6

 
193.6

Capitalized share-based compensation costs
(2.8
)
 
(2.3
)
 
(8.4
)
 
(7.5
)
Share-based compensation expense included in total cost and expenses
$
25.5

 
$
56.6

 
$
159.2

 
$
186.1


We estimate the fair value of our obligations associated with our performance and cash settled performance units at the end of each reporting period through expected settlement. Cumulative adjustments to these obligations are recorded each quarter to reflect changes in the stock price and estimated outcome of the performance-related conditions. 
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 Nine Months
Ended September 30,
 
2015
 
2014
Market stock units
181,000

 
236,000

Cash settled performance shares
115,000

 
182,000

Performance units
89,000

 
57,000

Time-vested restricted stock units
393,000

 
437,000


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 nine months ended September 30, 2015, approximately 98,000 and 43,000 shares were issued under our 1995 ESPP and 2015 ESPP, respectively, compared to approximately 150,000 shares issued under our 1995 ESPP in the prior year comparative period.