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 three months ended November 30, 2022 and 2021, the Company granted the following awards under its stock-based compensation plans:


	November 30, 2022			November 30, 2021
(in thousands, except share and per share data)	Shares Granted	Weighted Average Grant Date Fair Value		Shares Granted	Weighted Average Grant Date Fair Value
Equity method	1,424	$	35.78	1,407	$	27.77
Liability method	242	N/A		261	N/A

The Company recorded immaterial mark-to-market adjustments on liability awards for the three months ended November 30, 2022 and 2021. At November 30, 2022, the Company had outstanding 518,470 equivalent shares accounted for under the liability method. The Company expects 492,546 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 November 30,
(in thousands)	2022		2021
Stock-based compensation expense	$	16,675	$	9,619