STOCK-BASED COMPENSATION PLANS

9 Months Ended

May 31, 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 nine months ended May 31, 2023 and 2022, the Company granted the following awards under its stock-based compensation plans:

	May 31, 2023			May 31, 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	1,439	$	36.88	1,467	$	28.16
Liability method	269	N/A		261	N/A

The Company recorded immaterial mark-to-market adjustments on liability awards for the three and nine months ended May 31, 2023 and 2022. At May 31, 2023, the Company had outstanding 541,202 equivalent shares accounted for under the liability method. The Company expects 514,142 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)	2023		2022		2023		2022
Stock-based compensation expense	$	10,376	$	11,986	$	44,000	$	37,856