EMPLOYEE BENEFITS

12 Months Ended

Jan. 31, 2020

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. At January 31, 2020, 479,988 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 Company’s board of directors has determined that the grant date will be June 15^th, or the next business day, for all grants of restricted stock.

At January 31, 2020 and 2019, unrecognized compensation cost related to nonvested restricted stock was approximately $220,000 and $200,000, respectively. The following table summarizes non-vested restricted stock award activity for fiscal years 2019, 2018 and 2017:

	2019
				Weighted	Weighted
				Average  Grant	Average  Remaining
		Non-Vested		Date Fair Value	VestingTerm
		Shares		(000's)	(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

	2018
				Weighted	Weighted
				Average  Grant	Average  Remaining
		Non-Vested		Date Fair Value	VestingTerm
		Shares		(000's)	(in years)
Non-Vested at January 31, 2018		29,415	$	2,275	2
Granted		21,744		1,623
Forfeited		—		—
Vested		13,123		963
Non-Vested at January 31, 2019		38,036	$	2,935	2

	2017
				Weighted	Weighted
				Average  Grant	Remaining  Vesting
		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 January 31, 2018		29,415	$	2,275	2

The above tables include 24,219, 34,148 and 24,711 non-vested shares at January 31, 2020, 2019 and 2018, 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.