EMPLOYEE BENEFITS

12 Months Ended

Jan. 31, 2021

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

9. 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, 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 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, 2021 and 2020, unrecognized compensation cost related to nonvested restricted stock was approximately $272,000 and $220,000, respectively. The following table summarizes non-vested restricted stock award activity for fiscal years 2020, 2019 and 2018:

	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		6,158		416
Forfeited		-		-
Vested		15,029		1,211
Non-Vested at January 31, 2021		19,705	$	1,398		1

	2019
			Weighted		Weighted
			Average Grant		Average Remaining
	Non-Vested		Date Fair Value		Vesting Term
	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		Remaining Vesting
	Non-Vested		Date Fair Value		Vesting Term
	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

The above tables include 14,777, 24,219 and 34,148 non-vested shares at January 31, 2021, 2020 and 2019, 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.