XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

Employee Benefits | 3 Months Ended
--- | ---
Oct. 31, 2024
Disclosure Text Block Supplement [Abstract] |
Compensation and Employee Benefit Plans [Text Block] | Note 11. Employee Benefits The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 1,650,000 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. Until 2022, the Company had only granted restricted stock awards. In May 2022, the Company issued restricted stock units to certain officers of the Company which vest based on the Company’s Total Shareholder Return (“TSR”) compared to the TSRs of companies that comprise the Russell 2000 Index over a three-year performance period. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records non-cash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At October 31, 2024, 1,165,709 shares remain available for issuance under the Plan, excluding the impact of the 67,500 restricted stock units that may vest between zero and 135,000 shares of stock depending on certain performance metrics being achieved. Restricted Stock Awards As a component of their compensation, restricted stock has been granted to directors and certain employees at the closing market price of REX common stock on the grant date. In addition, one quarter 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. Based on retirement eligibility provisions, a portion of restricted stock grants are expensed at grant date, based on grant date fair value, thus considered vested for accounting purposes. At October 31, 2024, 20,046 shares were unvested for accounting purposes and unrecognized compensation cost related to these nonvested restricted stock awards was approximately $643,000, to be recognized over a weighted average vesting term of 2.1 years. The following tables summarize legally non-vested restricted stock award activity for the periods presented:
|  | Nine Months Ended October 31, 2024 |
|  | Non-Vested Shares |  |  | Weighted Average Grant Date Fair Value (000’s) |  |  | Weighted Average Remaining Vesting Term (in years) |
Non-Vested at January 31, 2024 |  | 162,855 |  |  | $ | 5,369 |  |  |  | 2 |
Granted |  |  | 63,407 |  |  |  | 2,894 |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |
Vested |  |  | 63,870 |  |  |  | 2,073 |  |  |  |  |
Non-Vested at October 31, 2024 |  | 162,392 |  |  | $ | 6,190 |  |  |  | 2 |
|  | Nine Months Ended October 31, 2023 |
|  | Non-Vested Shares |  |  | Weighted Average Grant Date Fair Value (000’s) |  |  | Weighted Average Remaining Vesting Term (in years) |
Non-Vested at January 31, 2023 |  | 81,264 |  |  | $ | 2,320 |  |  |  | 2 |
Granted |  |  | 113,726 |  |  |  | 3,945 |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |
Vested |  |  | 32,135 |  |  |  | 896 |  |  |  |  |
Non-Vested at October 31, 2023 |  | 162,855 |  |  | $ | 5,369 |  |  |  | 2 |
Restricted Stock Units (“RSUs”) In May 2022, the Company issued a total of 67,500 RSUs to certain officers. The number of RSUs eligible to vest will be determined based on how the Company’s TSR compares to the TSR of companies that comprise the Russell 2000 Index during the performance period ending December 31, 2024. The number of RSUs eligible to vest ranges from zero percent to two hundred percent, depending on actual performance during the performance period. The Company recognized approximately $0.3 million in each of the three-month periods ended October 31, 2024 and 2023. The Company recognized $0.8 million in each of the nine-month periods ended October 31, 2024 and 2023. Unrecognized compensation cost related to the RSUs at October 31, 2024 was approximately $0.2 million, to be recognized over a weighted average vesting term of 2 months. The Company determined there to be no dilutive impact on earnings per share for the first three quarters of fiscal year 2023. For the three- and nine-months periods ended October 31, 2024, we calculated the diluted weighted average shares as follows (amounts in thousands):
|  | Three Months Ended October 31, 2024 |  | Nine Months Ended October 31, 2024
Weighted average shares – basic |  |  | 17,595 |  |  |  | 17,550 |
Dilutive effect of RSUs |  |  | 128 |  |  |  | 123 |
Weighted average shares – diluted |  |  | 17,723 |  |  |  | 17,673 |

X
- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration