STOCK-BASED COMPENSATION PLANS

9 Months Ended

May 31, 2024

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 the Company's Board of Directors (the "Board"), performance stock units vest after a period of three years.

Information for restricted stock units and performance stock units accounted for as equity awards during the nine months ended May 31, 2024 is as follows:

	Shares	Weighted Average Fair Value
Outstanding as of August 31, 2023	1,777,591	$	37.01
Granted	1,082,858	47.72
Vested	(1,255,826)	38.03
Forfeited	(41,865)	41.32
Outstanding as of May 31, 2024	1,562,758	$	43.51

The Company granted 188,453 equivalent shares in the form of restricted stock units and performance stock units accounted for as liability awards during the nine months ended May 31, 2024. At May 31, 2024, the Company had outstanding 456,674 equivalent shares accounted for under the liability method. The Company expects 433,840 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 May 31,				Nine Months Ended May 31,
(in thousands)	2024		2023		2024		2023
Stock-based compensation expense	$	12,846	$	10,376	$	35,893	$	44,000