EMPLOYEE BENEFITS

12 Months Ended

Jan. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

11. EMPLOYEE BENEFITS

The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which a 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 equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. All of the Company’s existing share-based compensation awards have been determined to be equity awards. At January 31, 2016, 546,832 shares remain available for issuance under the Plan. 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 following table summarizes non-vested restricted stock award activity for fiscal year ended 2015:

	2015
			Weighted		Weighted
			Average Grant		Average Vesting
	Non-Vested		Date Fair Value		Term
	Shares		(000’s)		(in years)
Non-Vested at January 31, 2015		—	$	—
Granted		3,168		200
Forfeited		—		—
Vested		—		—
Non-Vested at January 31, 2016		3,168	$	200		2

At January 31, 2016, unrecognized compensation cost related to nonvested restricted stock was approximately $136,000.

The following summarizes stock option activity for fiscal years 2014 and 2013:

	2014					2013
				Weighted					Weighted
				Average					Average
	Shares			Exercise		Shares			Exercise
	(000’s)			Price		(000’s)			Price
Outstanding—Beginning of year		84		$	12.37		169		$	12.46
Exercised		(84	)		12.37		(85	)		12.55
Canceled or expired		—			—		—			—
Outstanding—End of year		—					84		$	12.37
Exercisable—End of year		—					84		$	12.37