I agree with the race fix of JG, but I dislike the SUSV3-breaking find, and I don't care about PATH changes, keep it simple, stupid

dmenu_path

@@ -1,26 +1,26 @@
-#!/bin/sh -f
+#!/bin/sh
 CACHE=$HOME/.dmenu_cache
 IFS=:
 
-qfind() {
-	find "$@" 2>/dev/null
-}
-
-uptodate() {                                                                       
-	test -f $CACHE &&
-		test "$(echo "$PATH")" = "$(sed 1q "$CACHE")" &&
-		! qfind $PATH -maxdepth 0 -newer $CACHE >/dev/null
+uptodate() {
+	test ! -f $CACHE && return 1
+	for dir in $PATH
+	do
+		test $dir -nt $CACHE && return 1
+	done
+	return 0
 }
 
 if ! uptodate
 then
-	{
-		echo "$PATH"
-		qfind $PATH -type f -maxdepth 1 '(' -perm -u+x -o -perm -g+x -o -perm -o+x ')' |
-			sed 's,.*/,,' | sort | uniq
-	}
-	mv $CACHE.$pid $CACHE
+	for dir in $PATH
+	do
+		for file in "$dir"/*
+		do
+			test -x "$file" && echo "${file##*/}"
+		done
+	done | sort | uniq > $CACHE.$$
+	mv $CACHE.$$ $CACHE
 fi
 
-tail -n +2 $CACHE
-
+cat $CACHE