7. Directors’ Emoluments and Interests 8. Share-based Payment Expense Share option schemes Directors’ emoluments (which are included in administrative expenses in note 3) and interests are given in the Report on Directors’ Remuneration on pages  54 to 67 of this Annual Report. Share-based payment expense is reflected in operating costs in the Consolidated Income Statement. In May 2010, shareholders approved the adoption of new share option and savings-related share option schemes, which replaced schemes approved by  shareholders in May 2000. The general terms and conditions applicable to the new share option and savings-related share option schemes were set out in a circular  issued to shareholders on 31 March 2010, a copy of which is available on www.crh.com.  Due to the immateriality of the savings-related schemes’ expense and the level of savings-related share options outstanding, detailed financial disclosures have not  been provided in relation to these schemes. Details of options granted under the share option schemes (excluding savings-related share option schemes) (a) Granted in April 2012 (2011: April), the level of vesting of these options will be determined by reference to certain performance targets (see page 59). If the  performance criteria have been met, these options, or portion thereof as appropriate, may be exercised after the expiration of three years from their date of  grant. All options granted have a life of ten years. (b) The weighted average share price at the date of exercise of these options was €14.95 (2011: €15.11). 88 CRH 2012 2011 €m €m Share option expense  -  9  Performance Share Plan expense  14   12  Total  14   21  Weighted average exercise price Number of  options Weighted average exercise price Number of  options 2012 2011 Outstanding at beginning of year €19.13  23,591,756  €19.38  23,515,521  Granted (a) €15.19  3,889,100  €16.38  3,558,500  Exercised (b) €11.98 (1,010,780) €13.36 (229,898) Lapsed €18.68 (3,174,121) €18.30 (3,252,367) Outstanding at end of year €18.84  23,295,955  €19.13  23,591,756  Exercisable at end of year €16.24  3,364,448  €16.03  6,497,695  2012 2011 Weighted average remaining contractual life for the share options outstanding at 31 December (years)  5.69   5.53  Euro-denominated options outstanding at the end of the year (number)  23,182,257   23,473,569  Range of exercise prices (€)  11.86-29.86   11.86-29.86  Sterling-denominated options outstanding at the end of the year (number)  113,698   118,187  Range of exercise prices (Stg£)  8.17-20.23   8.17-20.23  The CRH share price at 31 December 2012 was €15.30 (2011: €15.36). The following analysis shows the number of outstanding share options with exercise  prices lower/higher than the year-end share price: Number of options with exercise prices lower than year-end price: Exercisable   1,677,365   2,780,082  Not exercisable   5,382,296   1,613,397   7,059,661   4,393,479  Number of options with exercise prices higher than year-end price: Exercisable   1,687,083   3,717,613  Not exercisable   14,549,211   15,480,664   16,236,294   19,198,277  Total options outstanding  23,295,955   23,591,756 