Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 78

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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  126,814    2,894      
 Forfeited   -    -      
 Vested   127,740    2,073      
                 
 Unvested at October 31, 2024   324,784   $6,190    2 

22

Restricted Stock Units

In May 2022, the Company issued a total of
135,000 RSUs to certain officers with a performance period that ended on December 31, 2024. The number of RSUs eligible to vest
ranged from zero percent to two-hundred percent and was determined based on how the Company’s TSR compared to the TSR of
companies that comprised the Russell 2000 Index during the performance period. The calculated payout of the RSUs that vested was
148%, or 199,800 shares of REX common stock, and the shares were issued on February 26, 2025.

The Company did not recognize any compensation
cost related to RSUs in the three- or nine-month periods ended October 31, 2025. The Company recognized compensation cost related
to RSUs of approximately $0.3 million and $0.8 million in the three- and nine-month periods ended October 31, 2024, respectively.

For the three- and nine-month 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 
                35,189             
                35,100            

    Dilutive effect of RSUs 
     256  
     246 

    Weighted average shares – diluted 
     35,445  
     35,346 

Note 12. Income Taxes 

The Company’s income tax provision
was approximately $8.0 million and $9.4 million for the three months ended October 31, 2025 and 2024, respectively. The Company’s
income tax provision was approximately $13.7 million and $17.6 million for the nine months ended October 31, 2025 and 2024, respectively.

The Company assessed all available positive
and negative