STOCK-BASED COMPENSATION PLANS

3 Months Ended

Nov. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation plans

NOTE 10. 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 2023 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.

Information for restricted stock units and performance stock units accounted for as equity awards is as follows:

	Shares	Weighted Average Fair Value
Outstanding as of August 31, 2023	1,777,591	$	37.01
Granted	1,060,992	47.68
Vested	(1,218,683)	37.80
Forfeited	(14,436)	39.02
Outstanding as of November 30, 2023	1,605,464	$	43.45

	Shares	Weighted Average Fair Value
Outstanding as of August 31, 2022	1,993,630	$	27.59
Granted	1,423,909	35.78
Vested	(1,611,934)	25.13
Forfeited	(2,259)	31.00
Outstanding as of November 30, 2022	1,803,346	$	36.26

The Company granted 188,453 and 242,267 equivalent shares of restricted stock units and performance stock units accounted for as liability awards during the three months ended November 30, 2023 and 2022, respectively. At November 30, 2023, the Company had outstanding 463,334 equivalent shares accounted for under the liability method. The Company expects 440,167 equivalent shares to vest.

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

	Three Months Ended November 30,
(in thousands)	2023		2022
Stock-based compensation expense	$	8,059	$	16,675