STOCK-BASED COMPENSATION PLANS

9 Months Ended

May 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based compensation plans

NOTE 12. STOCK-BASED COMPENSATION PLANS

The Company's stock-based compensation plans are described in Note 13, Stock-Based Compensation Plans, to the consolidated financial statements in the 2021 Form 10-K. In general, restricted stock units vest ratably over a period of three years. Subject to the achievement of performance targets established by the Compensation Committee of CMC's Board of Directors, performance stock units vest after a period of three years.

During the nine months ended May 31, 2022 and 2021, the Company granted the following awards under its stock-based compensation plans:

	May 31, 2022			May 31, 2021
(in thousands, except share and per share data)	Shares Granted	Weighted Average Grant Date Fair Value		Shares Granted	Weighted Average Grant Date Fair Value
Equity method	1,467	$	28.16	1,512	$	20.51
Liability method	261	N/A		324	N/A

The Company recorded immaterial mark-to-market adjustments on liability awards for the three and nine months ended May 31, 2022, and recorded expense of $3.2 million and $5.0 million for the three and nine months in the corresponding periods. At May 31, 2022, the Company had outstanding 591,483 equivalent shares accounted for under the liability method. The Company expects 561,908 equivalent shares to vest.

The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was primarily included in selling, general and administrative expenses in the Company's condensed consolidated statements of earnings:

	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2022		2021		2022		2021
Stock-based compensation expense	$	11,986	$	13,800	$	37,856	$	35,558