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Share-based Payments
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
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 June 30,For the Six Months Ended June 30,
(In millions)2024202320242023
Research and development
$27.3 $27.9 $54.7 $59.2 
Selling, general and administrative45.6 48.4 89.6 98.5 
Subtotal72.9 76.3 144.3 157.7 
Capitalized share-based compensation costs (2.3)(2.6)(5.6)(5.9)
Share-based compensation expense included in total cost and expense70.6 73.7 138.7 151.8 
Income tax effect(13.4)(13.3)(26.3)(28.0)
Share-based compensation expense included in net income attributable to Biogen Inc.$57.2 $60.4 $112.4 $123.8 
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)2024202320242023
Time-vested restricted stock units$58.3 $59.9 $115.6 $121.6 
Performance stock units settled in stock11.7 9.8 22.2 19.3 
Employee stock purchase plan1.8 2.1 6.3 6.8 
Performance stock units settled in cash0.1 2.2 (2.0)4.7 
Stock options0.9 1.0 1.8 1.8 
Market stock units0.1 1.3 0.4 3.5 
Subtotal72.9 76.3 144.3 157.7 
Capitalized share-based compensation costs(2.3)(2.6)(5.6)(5.9)
Share-based compensation expense included in total cost and expense$70.6 $73.7 $138.7 $151.8 
We estimate the fair value of our obligations associated with our performance stock units settled in cash at the end of each reporting period through expected settlement. Cumulative adjustments to these obligations are recognized each quarter to reflect changes in the stock price and estimated outcome of the performance-related conditions.
2024 Omnibus Equity Plan
In June 2024 our shareholders approved the 2024 Omnibus Equity Plan for share-based awards to our prospective and current employees, non-employee directors, officers or consultants. Awards granted from the 2024 Omnibus Equity Plan may include stock options, shares of restricted stock, restricted stock units, performance shares, stock appreciation rights and other awards in such amounts and with such terms and conditions as may be determined by a committee of our Board of Directors, subject to the provisions of the plan. Shares of common stock available for grant under the 2024 Omnibus Equity Plan consist of 3.7 million shares reserved for this purpose, plus shares of common stock that remained available for grant under our 2017 Omnibus Equity Plan (including shares available by reason of a predecessor plan) on the date that our shareholders approved the 2024 Omnibus Equity Plan, plus shares that were subject to awards under the 2017 Omnibus Equity Plan (including shares available by reason of a predecessor plan) that remain unissued upon the cancellation, surrender, exchange, termination or forfeiture of such awards. The 2024 Omnibus Equity Plan provides that awards other than stock options and stock appreciation rights will be counted against the total number of shares available under the plan in a 1.5-to-1 ratio.
We have not made any awards pursuant to the 2017 Omnibus Equity Plan or the Directors Plan since our shareholders approved the 2024 Omnibus Equity Plan, and do not intend to make any awards pursuant to the 2017 Omnibus Equity Plan or the Directors Plan in the future, except that unused shares under the 2017 Omnibus Equity Plan have been carried over for use under the 2024 Omnibus Equity Plan. Awards outstanding under the 2017 Omnibus Equity Plan and the Directors Plan as of the date our shareholders approved the 2024 Omnibus Equity Plan will remain outstanding and subject to the terms and conditions of the 2017 Omnibus Equity Plan and the Directors Plan, as applicable, and the relevant award agreements.
2024 Employee Stock Purchase Plan
In June 2024 our shareholders approved the 2024 ESPP. The 2024 ESPP, which became effective on July 1, 2024, replaced the 2015 ESPP, which expired on June 30, 2024. The maximum number of shares of our common stock that may be purchased under the 2024 ESPP is 2.5 million.