32. Share-based payments

In accordance with IFRS 2, Share-based Payment, the disclosures in this note are only in respect of those options granted after 7 November 2002 that had not vested by 1 January 2005.

32.1 Income statement recognition

The total expense recognised in the Group income statement is shown below.

2012
£m
2011
£m
Long-Term Incentive Plan3.74.9
Other plans0.60.3
Total expense4.35.2

The Group operates a number of different share-based payment plans, the most significant of which is the Long-Term Incentive Plan ("LTIP"), details of which can be found in the Directors' Remuneration Report. Details of the Group's other share-based payment plans, none of which are significant in the context of the Group's results or financial position, can be found in the Directors' Remuneration Report.

32.2 Details of outstanding options

Outstanding awards
As at
1 January
2012
no.
Granted
no.
Exercised
no.
Forfeited/
lapsed
no.
Demerger adjustment
no.
Business disposals
no.
As at
31 December 2012
no.
LTIP6,633,906806,811(4,680,111)(263,060)2,618,579(2,540,763)2,575,362
Weighted average exercise pricenilnilnilniln/anilnil
Other plans464,190125,118(225,761)(32,706)330,340(370,645)290,536
Weighted average exercise price175pnil241p283pn/anil51p

For options exercised during 2012, the share price at the date of exercise was 705.0p.

Outstanding awards
As at
1 January
2011
no.
Granted
no.
Exercised
no.
Forfeited/ lapsed
no.
As at
31 December 2011
no.
LTIP6,220,6261,057,632(296,443)(347,909)6,633,906
Weighted average exercise pricenilnilnilnilnil
Other plans370,455118,406(20,601)(4,070)464,190
Weighted average exercise price227pnil144pnil175p

For all the options exercised during 2011, the share price at the date of exercise was 689.5p.

20122011
Awards exercisable as at
31 December 2012
no.
Weighted average outstanding contractual life of awards yearsRange of exercise prices
pence
Awards exercisable
as at
31 December 2011
no.
Weighted average outstanding contractual
life of awards years
Range of exercise
prices
pence
LTIP1.90.8
Weighted average exercise pricen/an/a
Other plans59,1791.2186,3861.3
Weighted average exercise price288pnil–288p436pnil–542p

32.3 Options granted under the LTIP during the year

20122011
EPS
element
TSR
element
EPS
element
TSR
element
Fair value of options granted (per share)648p488p646p494p
Share price on date of grant (per share)710p710p705p705p
Expected volatilityn/a47.0%n/a59.2%
Risk-free interest raten/a0.6%n/a1.4%
Exercise price (per share)nilnilnilnil
Expected term (years)4444
Expected dividend yield0%0%0%0%

Share price volatility for options granted in 2012 and 2011 is based upon weekly movements in the Company's (formerly Cookson's) share price over a period prior to the grant date that is equal in length to the expected term of the award.