Table of Contents A summary of the Company’s PSU award activity (including DERs) for fiscal years 2021, 2020, and 2019 is as follows: The PSU awards in the table above are presented at the face value of the respective grants. However, the number of PSU awards that may ultimately vest can vary in a range 0% to 250% of the face amount of such awards, depending on the outcome of the performance or market vesting conditions, as applicable. Stock appreciation rights ("SARs") are granted with an exercise price equal to the market value of the Company's common stock on the date of grant. These awards generally have a contractual term of seven years and vested ratably over a period of three years, although some vested immediately on issuance. These awards were valued using the Black-Scholes option pricing model. The Company did not grant any SARs in fiscal year 2021, 2020 or 2019. A summary of the Company’s SAR activity for fiscal years 2021, 2020 and 2019 is as follows: As of February 28, 2021, the average remaining contractual term for both outstanding and exercisable SARs was 0.34 years and these awards had no intrinsic value. The following table summarizes additional information about SARs outstanding at February 28, 2021. 2021 2020 2019  Performance Stock Units  Weighted Average Grant Date Fair Value  Performance Stock Units  Weighted Average Grant Date Fair Value  Performance Stock Units  Weighted Average Grant Date Fair Valu e Outstanding at the beginning of year 109,936  $ 47.75  83,125  $ 49.74  70,030  $ 54. 5 9 Granted 69,955  33.22  49,000  46.19  46,183  42. 0 Vested —  —  —  —  (3,378) 46. 6 5 Forfeited (36,307) 50.57  (22,189) 55.08  (29,710) 49. 5 1 Outstanding at the end of year 143,584  $ 39.96  109,936  $ 47.75  83,125  $ 49. 7 4 2021 2020 2019  SARs  Weighted  Average Exercise Price  SARs  Weighted  Average Exercise Price  SARs  Weighted  Average Exercise Price Outstanding at beginning of year 94,826  $ 44.58  98,184  $ 44.46  148,513  $ 43.29  Granted —  —  —  —  —  —  Exercised (45,902) 44.00  (2,965) 44.58  (47,484) 40.84  Forfeited (43,489) 45.10  (393) 43.92  (2,845) 43.92  Outstanding at end of year 5,435  $ 45.25  94,826  $ 44.58  98,184  $ 44.46  Exercisable at the end of year 5,435  $ 45.25  94,826  $ 44.58  98,184  $ 44.46  Range of Exercise Prices SARs Outstanding and Exercisable Average Remaining Life Weighted Average Exercise Price 44.15 - 44.15 2,711  0.17 $ 44.15  46.34 - 46.34 2,724  0.51 46.34  44.15 - 46.34 5,435  0.34 $ 45.25  67 Stock Appreciation Rights