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Share-based Payments
 9 Months Ended
Sep. 30, 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 September 30,
 
For the Nine Months
Ended September 30,
(In millions)
2016
 
2015
 
2016
 
2015
Research and development
$
22.7

 
$
10.8

 
$
65.6

 
$
68.3

Selling, general and administrative
31.2

 
17.5

 
94.6

 
99.3

Restructuring charges
—

 
—

 
(1.8
)
 
—

Subtotal
53.9

 
28.3

 
158.4

 
167.6

Capitalized share-based compensation costs
(3.2
)
 
(2.8
)
 
(10.7
)
 
(8.4
)
Share-based compensation expense included in total cost and expenses
50.7

 
25.5

 
147.7

 
159.2

Income tax effect
(14.6
)
 
(6.4
)
 
(42.5
)
 
(46.0
)
Share-based compensation expense included in net income attributable to Biogen Inc.
$
36.1

 
$
19.1

 
$
105.2

 
$
113.2


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)
2016
 
2015
 
2016
 
2015
Market stock units
$
5.7

 
$
7.3

 
$
27.0

 
$
33.4

Time-vested restricted stock units
28.5

 
30.4

 
92.5

 
94.1

Cash settled performance units
7.9

 
(9.5
)
 
12.7

 
17.5

Performance units
9.1

 
(2.8
)
 
17.3

 
11.6

Employee stock purchase plan
2.7

 
2.9

 
8.9

 
11.0

Subtotal
53.9

 
28.3

 
158.4

 
167.6

Capitalized share-based compensation costs
(3.2
)
 
(2.8
)
 
(10.7
)
 
(8.4
)
Share-based compensation expense included in total cost and expenses
$
50.7

 
$
25.5

 
$
147.7

 
$
159.2


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 Nine Months
Ended September 30,
 
2016
 
2015
Market stock units
166,000

 
181,000

Cash settled performance shares
86,000

 
115,000

Performance units
67,000

 
89,000

Time-vested restricted stock units
603,000

 
393,000


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 nine months ended September 30, 2016, approximately 156,000 shares were issued under our 2015 ESPP, compared to approximately 98,000  and 43,000 shares issued under our 1995 ESPP and 2015 ESPP, respectively, in the prior year comparative period.