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Share-based Compensation (Tables)
12 Months Ended
Aug. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of RSU Activity

A summary of the Company’s RSU activity for the year ended August 31, 2024 is as follows:

 

 

 

Number of
Units
 (in thousands)

 

 

Weighted Average
Grant Date
Fair Value

 

Outstanding as of August 31, 2023

 

 

714

 

 

$

28.57

 

Granted

 

 

290

 

 

$

23.39

 

Vested

 

 

(250

)

 

$

25.50

 

Forfeited

 

 

(31

)

 

$

33.36

 

Outstanding as of August 31, 2024

 

 

723

 

 

$

27.34

 

Key Assumptions for a Monte-Carlo Simulation Model Utilized to Estimate the Fair Value of Performance Share awards

The Company estimates the fair value of performance share awards with a TSR market condition using a Monte-Carlo simulation model utilizing several key assumptions, including the following for such awards granted during the years ended August 31:

 

 

 

2024

 

 

2023

 

 

2022

 

Expected share price volatility (Radius)

 

 

47.9

 %

 

 

56.1

 %

 

 

51.6

 %

Expected share price volatility (Peer group)

 

 

46.6

 %

 

 

60.5

 %

 

 

58.5

 %

Expected correlation to peer group companies

 

 

46.6

 %

 

 

48.1

 %

 

 

46.0

 %

Risk-free rate of return

 

 

4.8

 %

 

 

4.2

 %

 

 

0.6

 %

The fair value of the recycled metal volume growth awards granted in fiscal 2024, which awards do not have a TSR market condition, is based on the market closing price of the underlying Class A common stock on the grant date.

Summary of Performance-based Awards Activity

A summary of the Company’s performance-based awards activity for the year ended August 31, 2024 is as follows:

 

 

 

Number of
Awards
(in thousands)

 

 

Weighted Average
Grant Date
Fair Value

 

Outstanding as of August 31, 2023

 

 

627

 

 

$

32.44

 

Granted - Recycled metal volume growth

 

 

145

 

 

$

23.39

 

Granted - TSR

 

 

148

 

 

$

22.94

 

Performance achievement(1)

 

 

146

 

 

$

22.26

 

Vested

 

 

(395

)

 

$

22.30

 

Forfeited

 

 

(97

)

 

$

26.19

 

Outstanding as of August 31, 2024

 

 

574

 

 

$

33.15

 

 

(1)
Reflects the net number of awards achieved above target levels based on actual performance measured at the end of the performance period.