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EMPLOYEE BENEFITS
 6 Months Ended
Jul. 31, 2018
Disclosure Text Block Supplement [Abstract]  
Compensation and Employee Benefit Plans [Text Block]

Note 13. Employee Benefits


The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 550,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Since plan inception, the Company has only granted restricted stock awards. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At July 31, 2018, 489,430 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the closing market price of REX common stock on the predetermined grant date. In addition one third of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the predetermined grant date.


At July 31, 2018 and January 31, 2018, unrecognized compensation cost related to nonvested restricted stock was approximately $275,000 and $233,000, respectively. The following tables summarize non-vested restricted stock award activity for the six months ended July 31, 2018 and 2017:


   Six Months Ended July 31, 2018 
             
       Weighted   Weighted 
       Average  Grant   Average  Remaining 
   Non-Vested   Date Fair Value   Vesting Term 
   Shares   (000’s)   (in years) 
                
Non-Vested at January 31, 2018   29,415   $2,275    2 
Granted   21,745    1,622      
Forfeited   —    —      
Vested   13,124    963      
                
Non-Vested at July 31, 2018   38,036   $2,934    2 

   Six Months Ended July 31, 2017 
             
       Weighted   Weighted 
       Average  Grant   Average  Remaining 
   Non-Vested   Date Fair Value   Vesting Term 
   Shares   (000’s)   (in years) 
                
Non-Vested at January 31, 2017   23,350   $1,386    2 
Granted   14,156    1,370      
Forfeited   —    —      
Vested   8,091    481      
                
Non-Vested at July 31, 2017   29,415    2,275    2 

The above tables include 34,148 and 24,711 non-vested shares at July 31, 2018 and 2017, respectively, which are included in the number of weighted average shares outstanding used to determine basic and diluted earnings per share attributable to REX common shareholders. Such shares are treated, for accounting purposes, as being fully vested at the grant date as they were granted to recipients who were retirement eligible at the time of grant.