Share-based Payments

3 Months Ended

Mar. 31, 2016

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 March 31,
(In millions)	2016			2015
Research and development	$	21.4		$	35.4
Selling, general and administrative	34.7			55.6
Restructuring charges	(1.8		)	—
Subtotal	54.3			91.0
Capitalized share-based compensation costs	(3.1		)	(3.4		)
Share-based compensation expense included in total cost and expenses	51.2			87.6
Income tax effect	(15.2		)	(26.7		)
Share-based compensation expense included in net income attributable to Biogen Inc.	$	36.0		$	60.9

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

	For the Three Months Ended March 31,
(In millions)	2016			2015
Market stock units	$	13.4		$	17.0
Time-vested restricted stock units	30.1			31.9
Cash settled performance units	0.2			23.8
Performance units	6.9			13.2
Employee stock purchase plan	3.7			5.1
Subtotal	54.3			91.0
Capitalized share-based compensation costs	(3.1		)	(3.4		)
Share-based compensation expense included in total cost and expenses	$	51.2		$	87.6

We estimate the fair value of our obligations associated with our performance units 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 Three Months Ended March 31,
	2016	2015
Market stock units	146,000	175,000
Cash settled performance shares	73,000	112,000
Performance units	57,000	89,000
Time-vested restricted stock units	549,000	351,000

Employee Stock Purchase Plan (ESPP)

In June 2015, our stockholders approved the Biogen Inc. 2015 ESPP (2015 ESPP). The 2015 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 2015 ESPP is 6,200,000.

For the three months ended March 31, 2016, approximately 65,000 shares were issued under our 2015 ESPP, compared to approximately 68,000 shares issued under our 1995 ESPP in the prior year comparative period.