Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 19

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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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 vested based on the Company’s TSR compared to the
TSRs of companies that comprise the Russell 2000 Index over a three-year performance period (see below). 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 April 30, 2025, 1,065,809 shares remain available for issuance under the Plan.

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

19

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 April 30, 2025, 20,046 shares were unvested for accounting purposes and unrecognized compensation cost
related to these nonvested restricted stock awards was approximately $465,000, to be recognized over a weighted average vesting
term of 1.8 years.

The following tables
summarize legally non-vested restricted stock award activity for the periods presented:

    Three Months Ended April 30, 2025 
              
    Non-Vested Shares   Weighted Average Grant Date Fair Value  (000’s)   Weighted  Average Remaining Vesting Term  (in years) 
                 
 Non-Vested at January 31, 2025   162,392   $6,190    2 
 Granted   -    -      
 Forfeited   -    -      
 Vested   -    -