The cognitive radio network (CRN) is a promising solution to the problem of spectrum scarcity. To achieve efficient spectrum utilization, cognitive radio requires a robust spectrum sensing and spectrum sharing scheme. Therefore, spectrum sharing scheme plays a key role in achieving the optimal utilization of the available spectrum. The spectrum sharing in CRN is more challenging than traditional wireless network. The main factors besides throughput and fairness which need to be addressed in spectrum sharing of CRN are primary user (PU) activity, transmission power, and variations in the radio environment. In this article, we propose fair, efficient, and poweroptimized (FEPO) spectrum sharing scheme that will incorporate all critical factors mentioned above to maximize the spectrum utilization. Simulation results show that FEPO scheme outperforms in terms of transmission power by reducing the number of retransmissions and guarantees required level of throughput and fairness. Moreover, periodic monitoring helps to reduce the number of collisions with PUs.