BENEFIT PLANS |
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| BENEFIT PLANS | (10)BENEFIT PLANS Refer to Note 11 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity for the three months ended July 31, 2026 presented below represents the maximum number of shares that could become vested after that date:
The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $79,000 and $64,000 for the three months ended July 31, 2026 and July 31, 2025. As of July 31, 2026, there was $677,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years. Refer to Note 11 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the option to purchase 50,000 shares of common stock of the Company under the Equity Plan. As of July 31, 2026, the option had not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $12,000 and $13,000 for the three months ended July 31, 2026 and July 31, 2025. As of July 31, 2026 and July 31, 2025, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over each director’s service in office during the calendar year, was $30,000 for the three months ended July 31, 2026 and $23,000 for the three months ended July 31, 2025. As of July 31, 2026, there was $70,000 of accrued compensation expense related to the deferred common share units expected to be issued in December 2026. As of July 31, 2025, there was $53,000 of accrued compensation expense related to the deferred common share units issued in December 2025. |