STOCK-BASED COMPENSATION PLANS

6 Months Ended

Feb. 28, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation plans

NOTE 11. STOCK-BASED COMPENSATION PLANS

The Company's stock-based compensation plans are described in Note 14, Stock-Based Compensation Plans, to the consolidated financial statements in the 2022 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 six months ended February 28, 2023 and 2022, the Company granted the following awards under its stock-based compensation plans:

	February 28, 2023			February 28, 2022
(in thousands, except per share data)	Shares Granted	Weighted Average Grant Date Fair Value		Shares Granted	Weighted Average Grant Date Fair Value
Equity method	1,392	$	36.47	1,440	$	27.95
Liability method	242	N/A		261	N/A

The Company recorded immaterial mark-to-market adjustments on liability awards for the three and six months ended February 28, 2023 and 2022. At February 28, 2023, the Company had outstanding 514,417 equivalent shares accounted for under the liability method. The Company expects 488,696 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 February 28,				Six Months Ended February 28,
(in thousands)	2023		2022		2023		2022
Stock-based compensation expense	$	16,949	$	16,251	$	33,624	$	25,870