STOCK-BASED COMPENSATION PLANS

9 Months Ended

May 31, 2021

Share-based Payment Arrangement [Abstract]

The Company's stock-based compensation plans are described in Note 15, Stock-Based Compensation Plans, to the consolidated financial statements in the 2020 Form 10-K. In general, restricted stock units granted in 2021 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 granted in 2021 vest after a period of three years.

During the nine months ended May 31, 2021 and 2020, the Company granted the following awards under its stock-based compensation plans:


	May 31, 2021			May 31, 2020
(in thousands, except per share data)	Shares Granted	Weighted Average Grant Date Fair Value		Shares Granted	Weighted Average Grant Date Fair Value
Equity method	1,512	$	20.51	1,521	$	18.32
Liability method	324	N/A		426	N/A

During the three and nine months ended May 31, 2021, the Company recorded expense of $3.2 million and $5.0 million, respectively, for mark-to-market adjustments on liability awards, and recorded immaterial mark-to-market adjustments on liability awards for the three and nine months ended May 31, 2020. At May 31, 2021, the Company had outstanding 711,148 equivalent shares accounted for under the liability method. The Company expects 675,590 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 on the Company's condensed consolidated statements of earnings:


	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2021		2020		2021		2020
Stock-based compensation expense	$	13,800	$	6,170	$	35,558	$	21,975