XML 28 R17.htm IDEA: XBRL DOCUMENT v3.22.1
EMPLOYEE BENEFITS
 12 Months Ended
Jan. 31, 2022
Disclosure Text Block Supplement [Abstract]  
Compensation and Employee Benefit Plans [Text Block]
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. 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. 471,027 shares remain available for issuance under the Plan at January 31, 2022. As a component of their compensation, restricted stock has been granted to directors at the market price of REX common stock on the date of the grant. In addition, one third of executives’ incentive compensation is payable by an award of restricted stock based on the then market price of REX common stock. The Company’s board of directors has determined that the grant date will be June 15th, or the next business day, for all grants of restricted stock.

 

At January 31, 2022 and 2021, unrecognized compensation cost related to nonvested restricted stock was approximately $97,000 and $272,000.

 

The following table summarizes non-vested restricted stock award activity for fiscal years 2021, 2020, and 2019:

 

   2021 
    Non-Vested
Shares		   Weighted
Average Grant
Date Fair Value
(000’s)		    Weighted
Remaining Vesting
Vesting Term
(in years)		 
                     
Non-Vested at January 31, 2021   19,705   $1,398    1 
Granted   2,803    275      
Forfeited   -    -      
Vested   12,447    900      
                
Non-Vested at January 31, 2022   10,061   $773    1 
             
   2020 
   Non-Vested
Shares		   Weighted
Average  Grant
Date Fair Value
(000’s)		   Weighted
Average  Remaining
Vesting Term
(in years)		 
             
Non-Vested at January 31, 2020   28,576   $2,193    2 
Granted   6,158    416      
Forfeited   -    -      
Vested   15,029    1,211      
                
Non-Vested at January 31, 2021   19,705   $1,398    1 
   2019 
   Non-Vested
Shares		         Weighted
Average Grant
Date Fair Value
(000’s)		        Weighted
Average Remaining
Vesting Term
(in years)		 
             
Non-Vested at January 31, 2019   38,036   $2,935    2 
Granted   9,442    662      
Forfeited   -    -      
Vested   18,902    1,404      
                
Non-Vested at January 31, 2020   28,576   $2,193    2 

 

The above tables include 5,714, 14,777, and 24,219 non-vested shares at January 31, 2022, 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 officers who were retirement eligible at the time of grant.