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Employee Benefits
 3 Months Ended
Apr. 30, 2021
Disclosure Text Block Supplement [Abstract]  
Compensation and Employee Benefit Plans [Text Block]

Note 10. 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 April 30, 2021, 473,830 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 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 grant date. The Company’s board of directors has determined that the grant date will be June 15th, or the next business day if June 15th is not a business day, for all grants of restricted stock.

At April 30, 2021 and January 31, 2021, unrecognized compensation cost related to nonvested restricted stock was approximately $189,000 and $272,000, respectively. The following tables summarize non-vested restricted stock award activity for the periods presented:

 

   Three Months Ended April 30, 2021 
             
       Weighted   Weighted 
       Average Grant   Average Remaining 
   Non-Vested   Date Fair Value   Vesting Term 
   Shares   (000’s)   (in years) 
             
Non-Vested at January 31, 2021   19,705   $1,398    1 
Granted   -    -      
Forfeited   -    -      
Vested   -    -      
                
Non-Vested at April 30, 2021   19,705   $1,398    1 

 

   Three Months Ended April 30, 2020 
             
       Weighted   Weighted 
       Average Grant   Average Remaining 
   Non-Vested   Date Fair Value   Vesting Term 
   Shares   (000’s)   (in years) 
             
Non-Vested at January 31, 2020   28,576   $2,193    2 
Granted   -    -      
Forfeited   -    -      
Vested   -    -      
                
Non-Vested at April 30, 2020   28,576   $2,193    1 

 

The above tables include 14,777 and 24,219 non-vested shares at April 30, 2021 and 2020, 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.