REX American Resources (REX) 10-Q 3 Dec 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Oct. 31, 2015	Dec. 02, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	REX AMERICAN RESOURCES Corp
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		6,858,002
Amendment Flag	false
Entity Central Index Key	744,187
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
Current assets:
Cash and cash equivalents	$ 136,626	$ 137,697
Restricted cash	20
Accounts receivable	13,289	8,794
Inventory	23,556	18,062
Refundable income taxes	1,935	3,019
Prepaid expenses and other	7,134	5,810
Deferred taxes, net	2,363	2,363
Total current assets	184,923	175,745
Property and equipment, net	189,126	194,447
Other assets	8,131	6,366
Equity method investments	41,088	80,389
Total assets	423,268	456,947
Current liabilities:
Accounts payable, trade	14,535	9,210
Accrued expenses and other current liabilities	9,189	10,347
Total current liabilities	23,724	19,557
Long-term liabilities:
Deferred taxes	34,690	42,768
Other long-term liabilities		1,658
Total long-term liabilities	34,690	44,426
REX shareholders’ equity:
Common stock	299	299
Paid-in capital	144,814	144,791
Retained earnings	472,188	444,438
Treasury stock	(299,668)	(239,557)
Total REX shareholders’ equity	317,633	349,971
Noncontrolling interests	47,221	42,993
Total equity	364,854	392,964
Total liabilities and equity	$ 423,268	$ 456,947

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Net sales and revenue	$ 110,584	$ 138,424	$ 329,261	$ 444,580
Cost of sales	96,311	101,934	287,585	332,612
Gross profit	14,273	36,490	41,676	111,968
Selling, general and administrative expenses	(4,720)	(4,350)	(15,629)	(15,369)
Gain on sale of investment			10,385
Equity in income of unconsolidated affiliates	1,314	8,780	7,857	24,322
Gain on disposal of property and equipment, net	1		496
Interest and other income	199	107	524	242
Interest expense		(454)		(1,737)
Income from continuing operations before income taxes	11,067	40,573	45,309	119,426
Provision for income taxes	(1,634)	(12,124)	(12,726)	(40,053)
Income from continuing operations	9,433	28,449	32,583	79,373
Income (loss) from discontinued operations, net of tax		2		(2)
Gain on disposal of discontinued operations, net of tax		138		136
Net income	9,433	28,589	32,583	79,507
Net income attributable to noncontrolling interests	(1,977)	(5,249)	(4,833)	(12,518)
Net income attributable to REX common shareholders	$ 7,456	$ 23,340	$ 27,750	$ 66,989
Weighted average shares outstanding – basic (in Shares)	6,915	8,170	7,460	8,157
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 1.08	$ 2.84	$ 3.72	$ 8.19
Basic income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share)		0.02		0.02
Basic net income per share attributable to REX common shareholders (in Dollars per share)	$ 1.08	$ 2.86	$ 3.72	$ 8.21
Weighted average shares outstanding – diluted (in Shares)	6,931	8,170	7,469	8,168
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 1.08	$ 2.84	$ 3.72	$ 8.18
Diluted income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share)		0.02		0.02
Diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 1.08	$ 2.86	$ 3.72	$ 8.20
Amounts attributable to REX common shareholders:
Income from continuing operations, net of tax	$ 7,456	$ 23,200	$ 27,750	$ 66,855
Income from discontinued operations, net of tax		140		134
Net income	$ 7,456	$ 23,340	$ 27,750	$ 66,989

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Balance at Jan. 31, 2014	$ 310,753	$ 299	$ (222,170)	$ 144,051	$ 357,101	$ 31,472
Balance (in Shares) at Jan. 31, 2014		29,853	21,753
Net income	79,507				66,989	12,518
Treasury stock acquired	(8,412)		$ (8,412)
Treasury stock acquired (in Shares)			123
Stock based compensation and related tax effects	1,591		$ 851	740
Stock based compensation and related tax effects (in Shares)			(83)
Noncontrolling interests distribution and other	(39)					(39)
Balance at Oct. 31, 2014	383,400	$ 299	$ (229,731)	144,791	424,090	43,951
Balance (in Shares) at Oct. 31, 2014		29,853	21,793
Balance at Jan. 31, 2015	392,964	$ 299	$ (239,557)	144,791	444,438	42,993
Balance (in Shares) at Jan. 31, 2015		29,853	21,954
Net income	32,583				27,750	4,833
Treasury stock acquired	(60,116)		$ (60,116)
Treasury stock acquired (in Shares)			1,044
Stock based compensation and related tax effects	28		$ 5	23
Stock based compensation and related tax effects (in Shares)			(3)
Noncontrolling interests distribution and other	(605)					(605)
Balance at Oct. 31, 2015	$ 364,854	$ 299	$ (299,668)	$ 144,814	$ 472,188	$ 47,221
Balance (in Shares) at Oct. 31, 2015		29,853	22,995

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash flows from operating activities:
Net income including noncontrolling interests	$ 32,583	$ 79,507
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, impairment charges and amortization	14,193	12,480
Income from equity method investments	(7,857)	(24,322)
Gain on sale of investment	(10,385)
Gain on disposal of real estate and property and equipment, net	(496)	(209)
Dividends received from equity method investees	7,643	19,881
Derivative financial instruments		(1,141)
Deferred income tax	(8,078)	5,323
Stock based compensation expense	23
Excess tax benefit from stock option exercises		(441)
Changes in assets and liabilities:
Accounts receivable	(2,307)	5,900
Inventories	(5,494)	7,874
Other assets	(51)	728
Accounts payable, trade	4,913	2,075
Other liabilities	(2,849)	7,406
Net cash provided by operating activities	21,838	115,061
Cash flows from investing activities:
Capital expenditures	(9,852)	(8,107)
Restricted cash	(20)	500
Restricted investments and deposits	250	273
Proceeds from sale of investment	45,476
Proceeds from sale of real estate and property and equipment, net	1,936	596
Other	17
Net cash provided by (used in) investing activities	37,807	(6,738)
Cash flows from financing activities:
Payments of long-term debt		(42,226)
Stock options exercised		931
Purchase of stock from noncontrolling interests holders	(605)	(39)
Excess tax benefit from stock option exercises		441
Treasury stock acquired	(60,111)	(8,312)
Net cash used in financing activities	(60,716)	(49,205)
Net (decrease) increase in cash and cash equivalents	(1,071)	59,118
Cash and cash equivalents, beginning of period	137,697	105,149
Cash and cash equivalents, end of period	136,626	164,267
Non cash investing activities – Accrued capital expenditures	$ 1,216	615
Non cash investing activities – Loan receivable granted in connection with sale of real estate		$ 475

Consolidated Condensed Financia

Consolidated Condensed Financial Statements	9 Months Ended
	Oct. 31, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Consolidated Condensed Financial Statements The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2015 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015 (fiscal year 2014). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of REX American Resources Corporation and its wholly and majority owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month. Nature of Operations – The Company operates in one reportable segment, alternative energy, and has equity investments in three ethanol limited liability companies, two of which are majority ownership interests.

Accounting Policies

Accounting Policies	9 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Accounting Policies The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2014 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. Revenue Recognition The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Cost of Sales Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges. Selling, General and Administrative Expenses The Company includes non-production related costs such as professional fees, selling charges and certain payroll in selling, general and administrative expenses. Interest Expense No interest was paid for the three months and nine months ended October 31, 2015. Interest paid for the three months and nine months ended October 31, 2014 was approximately $518,000 and $1,834,000, respectively. Financial Instruments The Company used derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging” A majority of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. During fiscal year 2015, the Company began to carry a portion of its forward grain purchase contracts at fair value. During the three months and nine months ending October 31, 2015 and October 31, 2014, there were no material settlements of forward contracts that are recorded at fair value; at October 31, 2015, the Company recorded a liability of approximately $0.4 million associated with these contracts. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn, ethanol and distillers grains. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $19,703,000 and $22,829,000 during the nine months ended October 31, 2015 and 2014, respectively. The Company received refunds of state income taxes of approximately $132,000 during the nine months ended October 31, 2015. The Company received no refunds of income taxes during the nine months ended October 31, 2014. As of October 31, 2015, there were no unrecognized tax benefits nor any accrued penalties and interest. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. Inventories Inventories are carried at the lower of cost or market on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There were no significant permanent write-downs of inventory at October 31, 2015 and January 31, 2015. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands): October 31, January 31, Ethanol and other finished goods $ 5,614 $ 3,039 Work in process 2,599 2,609 Grain and other raw materials 15,343 12,414 Total $ 23,556 $ 18,062 Property and Equipment Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ Impairment or Disposal of Long-Lived Assets Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups). For real estate assets, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. Real estate assets include both income producing and non-income producing asset groups. For alternative energy reportable assets, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the decision to suspend operations at a plant for at least a six month period and the default on loan covenants as indicators. Alternative energy assets include only income producing asset groups. Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month lag as One Earth has a fiscal year end of December 31. NuGen has the same fiscal year as the parent, and therefore, there is no lag in reporting the results of NuGen. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. Comprehensive Income The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income. Accounting Changes and Recently Issued Accounting Standards The Company will be required to adopt the amended guidance in ASC Topic 606, “ Revenue from Contracts with Customers Effective February 1, 2015, the Company was required to adopt ASU 2014-08. Under this new guidance, only disposals of a component that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results are to be classified as a discontinued operation. The adoption of ASU 2014-08 resulted in the Company classifying sales of individual real estate properties as continuing operations instead of discontinued operations as the sale of individual properties does not represent a strategic shift for the Company (for sales occurring subsequent to January 31, 2015). Effective February 1, 2017, the Company will be required to adopt the amended guidance in Accounting Standards Codification Topic 330, “ Inventory: Simplifying the Measurement of Inventory”

Leases

Leases	9 Months Ended
	Oct. 31, 2015
Leases [Abstract]
Leases of Lessor Disclosure [Text Block]	Note 3. Leases At October 31, 2015, the Company has lease agreements, as lessee, for rail cars and a natural gas pipeline. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands): Years Ended January 31, Minimum Remainder of 2016 $ 1,851 2017 7,340 2018 6,575 2019 5,845 2020 4,341 Thereafter 6,947 Total $ 32,899

Fair Value

Fair Value	9 Months Ended
	Oct. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 4. Fair Value The Company applies ASC 820, “ Fair Value Measurements and Disclosures” . This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries an investment in cooperative at fair value. The fair values of property and equipment, as applicable, are determined by using various models that discount future expected cash flows. Estimation risk is greater for vacant properties as the probability of expected cash flows from the use of vacant properties is difficult to predict. Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2015 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Derivative financial instruments (1) $ 446 $ — $ — $ 446 Investment in cooperative (2) — — 333 333 Total assets $ 446 $ — $ 333 $ 779 Forward purchase contract liability (3) $ — $ — $ 414 $ 414 Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2015 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Investment in cooperative (2) $ — $ — $ 333 $ 333 (1) The derivative financial instruments are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. (2) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. (3) The forward purchase contract liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. The Company determined the fair value of derivative financial instruments by obtaining unadjusted quoted prices in active markets for identical assets. The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. The Company determined the fair value of the forward purchase contracts by comparing the fixed purchase price included in the contracts to an equivalent purchase price published on commodity exchanges. Inputs used in the analysis include the quantity of corn to purchase and the delivery date of such corn. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. There were no assets measured at fair value on a non-recurring basis at October 31, 2015 or January 31, 2015.

Property and Equipment

Property and Equipment	9 Months Ended
	Oct. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 5. Property and Equipment The components of property and equipment are as follows for the periods presented (amounts in thousands): October 31, January 31, Land and improvements $ 21,598 $ 20,844 Buildings and improvements 24,519 27,069 Machinery, equipment and fixtures 232,249 231,422 Construction in progress 6,715 1,290 285,081 280,625 Less: accumulated depreciation (95,955 ) (86,178 ) Total $ 189,126 $ 194,447

Other Assets

Other Assets	9 Months Ended
	Oct. 31, 2015
Disclosure Text Block Supplement [Abstract]
Other Assets Disclosure [Text Block]	Note 6. Other Assets The components of other assets are as follows for the periods presented (amounts in thousands): October 31, January 31, Deposits $ 664 $ 914 Real estate taxes refundable 4,395 4,395 Proceeds from sale of investment held in escrow (1) 2,188 — Other 884 1,057 Total $ 8,131 $ 6,366 (1) Excludes approximately $2.2 million of proceeds from sale of investment held in escrow that are expected to be collected within twelve months.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Oct. 31, 2015
Disclosure Text Block Supplement [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 7. Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): October 31, January 31, Accrued utility charges $ 1,775 $ 3,085 Accrued payroll and related items 3,364 3,798 Accrued income taxes 1,751 — Accrued real estate taxes 1,089 2,507 Other 1,210 957 Total $ 9,189 $ 10,347

Revolving Lines of Credit

Revolving Lines of Credit	9 Months Ended
	Oct. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 8. Revolving Lines of Credit Effective April 1, 2015, One Earth and NuGen each entered into $10.0 million revolving loan facilities that mature April 1, 2016. Any borrowings will be secured by the inventory and accounts receivable of One Earth or NuGen, specific to which entity borrows money under these facilities. These revolving loan facilities are recourse only to One Earth and NuGen and not to REX American Resources Corporation or any of its other subsidiaries. Borrowings under these facilities bear interest at the one month LIBOR rate plus 250 basis points. Neither One Earth nor NuGen had outstanding borrowings on the revolving loans during the nine months ended October 31, 2015. One Earth and NuGen are also subject to certain financial covenants under the revolving loan facilities, including working capital requirements, should they borrow on the loans.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Oct. 31, 2015
Share-based Arrangements with Employees and Nonemployees [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Note 9. Stock-Based Compensation The Company has a stock-based compensation 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 equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. All of the Company’s existing share-based compensation awards have been determined to be equity awards. 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 following table summarizes non-vested stock award activity for the nine months ended October 31, 2015: Non-Vested Weighted- Weighted- Non-Vested at January 31, 2015 — $ — Granted 3,168 200 Forfeited — — Vested — — Non-Vested at October 31, 2015 3,168 $ 200 3 At October 31, 2015, unrecognized compensation cost related to nonvested restricted stock was approximately $172,000.

Income Per Share from Continuin

Income Per Share from Continuing Operations Attributable to REX Common Shareholders	9 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 10. Income Per Share from Continuing Operations Attributable to REX Common Shareholders The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts): Three Months Ended Three Months Ended October 31, 2015 October 31, 2014 Income Shares Per Income Shares Per Basic income per share from continuing operations attributable to REX common shareholders $ 7,456 6,915 $ 1.08 $ 23,200 8,170 $ 2.84 Effect of restricted stock — 16 — — Diluted income per share from continuing operations attributable to REX common shareholders $ 7,456 6,931 $ 1.08 $ 23,200 8,170 $ 2.84 Nine Months Ended Nine Months Ended October 31, 2015 October 31, 2014 Income Shares Per Income Shares Per Basic income per share from continuing operations attributable to REX common shareholders $ 27,750 7,460 $ 3.72 $ 66,855 8,157 $ 8.19 Effect of restricted stock — 9 — 11 Diluted income per share from continuing operations attributable to REX common shareholders $ 27,750 7,469 $ 3.72 $ 66,855 8,168 $ 8.18 For the three and nine months ended October 31, 2015, there were no shares subject to outstanding options. For the three and nine months ended October 31, 2015, and 2014 all shares subject to outstanding restricted stock awards and options were dilutive.

Investments

Investments	9 Months Ended
	Oct. 31, 2015
Investments And Deposits [Abstract]
Investments And Deposits [Text Block]	Note 11. Investments The following table summarizes equity method investments at October 31, 2015 and January 31, 2015 (amounts in thousands): Entity Ownership Percentage Carrying Amount Carrying Amount Big River 9.7 % $ 41,088 $ 40,188 Patriot (sold June 1, 2015) N/A — 40,201 Total Equity Method Investments $ 41,088 $ 80,389 The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Big River $ 1,314 $ 4,574 $ 4,910 $ 14,353 Patriot (sold June 1, 2015) — 4,206 2,947 9,969 Total $ 1,314 $ 8,780 $ 7,857 $ 24,322 Undistributed earnings totaled approximately $21.1 million and $41.9 million at October 31, 2015 (Big River) and January 31, 2015 (Big River and Patriot), respectively. During the first nine months of fiscal years 2015 and 2014, the Company received dividends from equity method investees of approximately $7.6 million and $19.9 million, respectively. Summarized financial information for each of the Company’s equity method investees is presented in the following table for the periods presented (amounts in thousands): Three Months Ended Three Months Ended Patriot (1) Big River Patriot (1) Big River Net sales and revenue $ — $ 215,902 $ 93,056 $ 260,908 Gross profit $ — $ 22,078 $ 17,597 $ 59,426 Income from continuing operations $ — $ 13,540 $ 15,843 $ 47,114 Net income $ — $ 13,540 $ 15,843 $ 47,114 Nine Months Ended Nine Months Ended Patriot (1) Big River Patriot (1) Big River Net sales and revenue $ 115,614 $ 623,900 $ 252,592 $ 854,174 Gross profit $ 14,424 $ 71,345 $ 42,626 $ 183,736 Income from continuing operations $ 11,100 $ 50,580 $ 37,549 $ 147,853 Net income $ 11,100 $ 50,580 $ 37,549 $ 147,853 (1) For Patriot, results are for the five month period ended May 31, 2015 as the Company’s equity interest in Patriot was sold June 1, 2015. Big River has debt agreements that limit amounts the Company can pay in the form of dividends or advances to owners. The restricted net assets of Big River at October 31, 2015 and January 31, 2015 are approximately $337.3 million and $322.1 million, respectively. On June 1, 2015, Patriot and a subsidiary of CHS Inc. (“CHS”) completed a merger that resulted in CHS acquiring 100% of the ownership interest in Patriot. The Company received a cash payment of approximately $45.5 million at the closing, representing its proportionate share of the merger consideration for its 27% ownership interest. The total merger consideration was approximately $196 million in cash subject to certain adjustments and certain escrow holdbacks. In connection with this transaction, the Company recognized a gain of approximately $10.4 million. At October 31, 2015, the Company has approximately $2.2 million in accounts receivable and approximately $2.2 million in other long term assets on the accompanying Consolidated Condensed Balance Sheets related to estimated escrow proceeds that were recognized as income. The Company recorded approximately $45.5 million as a cash investing activity in the Consolidated Condensed Statements of Cash Flows. The estimated escrow proceeds of approximately $4.4 million is a non-cash investing activity. The Company expects that a determination of the final payment of escrowed proceeds to be received will occur by December 1, 2016.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 12 . Income Taxes The effective tax rate on consolidated pre-tax income from continuing operations was 14.8% for the three months ended October 31, 2015, and 29.9% for the three months ended October 31, 2014. The effective tax rate on consolidated pre-tax income from continuing operations was 28.1% for the nine months ended October 31, 2015, and 33.5% for the nine months ended October 31, 2014. The fluctuations in the effective tax rate primarily relate to the release of valuation allowances against capital loss carryforwards, the domestic production activities deduction, a change in the apportionment of income to certain states, the expiration of statutes for years with uncertain tax positions and a decrease in state income tax rates. These items reduced the effective tax rate approximately 17% for the quarter ended October 31, 2015 and approximately 7% for the nine months ended October 31, 2015. The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2010 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Unrecognized tax benefits, January 31, 2015 $ 1,658 Changes for prior years’ tax positions (1,658 ) Changes for current year tax positions — Unrecognized tax benefits, October 31, 2015 $ —

Discontinued Operations

Discontinued Operations	9 Months Ended
	Oct. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 13. Discontinued Operations During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, certain of the Company’s former retail operations and certain sold properties had been classified as discontinued operations prior to the prospective adoption of ASU 2014-08 effective February 1, 2015. Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales and revenue $ — $ 30 $ — $ 42 Cost of sales — 26 — 45 Income (loss) before income taxes — 4 — (3 ) (Provision) benefit for income taxes — (2 ) — 1 Income (loss) from discontinued operations, net of tax $ — $ 2 $ — $ (2 ) Gain on disposal $ — $ 210 $ — $ 217 Provision for income taxes — (72 ) — (81 ) Gain on disposal of discontinued operations, net of tax $ — $ 138 $ — $ 136 The cash flows from the discontinued operations were immaterial for all periods presented.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 14. Commitments and Contingencies The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s Consolidated Condensed Financial Statements. One Earth and NuGen have combined forward purchase contracts for approximately 5.3 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through April 2016. One Earth and NuGen have combined sales commitments for approximately 55.5 million gallons of ethanol, approximately 55,000 tons of distillers grains and approximately 6.4 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through June 2016.

Net Sales and Revenue

Net Sales and Revenue	9 Months Ended
	Oct. 31, 2015
Net Sales And Revenue [Abstract]
Net Sales And Revenue [Text Block]	Note 15. Net Sales and Revenue The following table summarizes sales for each product and service group for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended Product or Service Category 2015 2014 2015 2014 Ethanol $ 82,767 $ 110,178 $ 248,329 $ 347,896 Dried distillers grains 22,518 23,108 64,354 79,946 Non-food grade corn oil 3,994 4,340 12,002 12,999 Modified distillers grains 1,108 603 4,109 2,884 Other 197 195 467 855 Total $ 110,584 $ 138,424 $ 329,261 $ 444,580

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Oct. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 16. Related-Party Transactions During the third quarters of fiscal year 2015 and 2014, One Earth and NuGen purchased approximately $38.1 million and $38.9 million, respectively, of corn from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $114.4 million and approximately $124.1 million for the nine months ended October 31, 2015 and 2014, respectively.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2014 Annual Report on Form 10-K.
Revenue Recognition, Policy [Policy Text Block]	The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products.
Cost of Sales, Policy [Policy Text Block]	Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	The Company includes non-production related costs such as professional fees, selling charges and certain payroll in selling, general and administrative expenses.
Interest Expense, Policy [Policy Text Block]	No interest was paid for the three months and nine months ended October 31, 2015. Interest paid for the three months and nine months ended October 31, 2014 was approximately $518,000 and $1,834,000, respectively.
Fair Value of Financial Instruments, Policy [Policy Text Block]	The Company used derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging” A majority of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. During fiscal year 2015, the Company began to carry a portion of its forward grain purchase contracts at fair value. During the three months and nine months ending October 31, 2015 and October 31, 2014, there were no material settlements of forward contracts that are recorded at fair value; at October 31, 2015, the Company recorded a liability of approximately $0.4 million associated with these contracts. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn, ethanol and distillers grains. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn, ethanol and distillers grains.
Income Tax, Policy [Policy Text Block]	The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $19,703,000 and $22,829,000 during the nine months ended October 31, 2015 and 2014, respectively. The Company received refunds of state income taxes of approximately $132,000 during the nine months ended October 31, 2015. The Company received no refunds of income taxes during the nine months ended October 31, 2014. As of October 31, 2015, there were no unrecognized tax benefits nor any accrued penalties and interest. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.
Inventory, Policy [Policy Text Block]	Inventories are carried at the lower of cost or market on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There were no significant permanent write-downs of inventory at October 31, 2015 and January 31, 2015. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands): October 31, January 31, Ethanol and other finished goods $ 5,614 $ 3,039 Work in process 2,599 2,609 Grain and other raw materials 15,343 12,414 Total $ 23,556 $ 18,062
Property, Plant and Equipment, Policy [Policy Text Block]	Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “ Impairment or Disposal of Long-Lived Assets Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups). For real estate assets, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. Real estate assets include both income producing and non-income producing asset groups. For alternative energy reportable assets, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the decision to suspend operations at a plant for at least a six month period and the default on loan covenants as indicators. Alternative energy assets include only income producing asset groups.
Investment, Policy [Policy Text Block]	The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month lag as One Earth has a fiscal year end of December 31. NuGen has the same fiscal year as the parent, and therefore, there is no lag in reporting the results of NuGen. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.
Comprehensive Income, Policy [Policy Text Block]	The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.
New Accounting Pronouncements, Policy [Policy Text Block]	The Company will be required to adopt the amended guidance in ASC Topic 606, “ Revenue from Contracts with Customers Effective February 1, 2015, the Company was required to adopt ASU 2014-08. Under this new guidance, only disposals of a component that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results are to be classified as a discontinued operation. The adoption of ASU 2014-08 resulted in the Company classifying sales of individual real estate properties as continuing operations instead of discontinued operations as the sale of individual properties does not represent a strategic shift for the Company (for sales occurring subsequent to January 31, 2015). Effective February 1, 2017, the Company will be required to adopt the amended guidance in Accounting Standards Codification Topic 330, “ Inventory: Simplifying the Measurement of Inventory”

Accounting Policies (Tables)

Accounting Policies (Tables)	9 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Schedule of Inventory, Current [Table Text Block]	The components of inventory are as follows as of the dates presented (amounts in thousands): October 31, January 31, Ethanol and other finished goods $ 5,614 $ 3,039 Work in process 2,599 2,609 Grain and other raw materials 15,343 12,414 Total $ 23,556 $ 18,062

Leases (Tables)

Leases (Tables)	9 Months Ended
	Oct. 31, 2015
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	At October 31, 2015, the Company has lease agreements, as lessee, for rail cars and a natural gas pipeline. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands): Years Ended January 31, Minimum Remainder of 2016 $ 1,851 2017 7,340 2018 6,575 2019 5,845 2020 4,341 Thereafter 6,947 Total $ 32,899

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Oct. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2015 are summarized below (amounts in thousands): Level 1 Level 2 Level 3 Fair Value Derivative financial instruments (1) $ 446 $ — $ — $ 446 Investment in cooperative (2) — — 333 333 Total assets $ 446 $ — $ 333 $ 779 Forward purchase contract liability (3) $ — $ — $ 414 $ 414 Level 1 Level 2 Level 3 Fair Value Investment in cooperative (2) $ — $ — $ 333 $ 333 (1) The derivative financial instruments are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. (2) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. (3) The forward purchase contract liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Oct. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	The components of property and equipment are as follows for the periods presented (amounts in thousands): October 31, January 31, Land and improvements $ 21,598 $ 20,844 Buildings and improvements 24,519 27,069 Machinery, equipment and fixtures 232,249 231,422 Construction in progress 6,715 1,290 285,081 280,625 Less: accumulated depreciation (95,955 ) (86,178 ) Total $ 189,126 $ 194,447

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Oct. 31, 2015
Disclosure Text Block Supplement [Abstract]
Schedule of Other Assets [Table Text Block]	The components of other assets are as follows for the periods presented (amounts in thousands): October 31, January 31, Deposits $ 664 $ 914 Real estate taxes refundable 4,395 4,395 Proceeds from sale of investment held in escrow (1) 2,188 — Other 884 1,057 Total $ 8,131 $ 6,366 (1) Excludes approximately $2.2 million of proceeds from sale of investment held in escrow that are expected to be collected within twelve months.

Accrued Expenses and Other Cu28

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Oct. 31, 2015
Disclosure Text Block Supplement [Abstract]
Other Current Liabilities [Table Text Block]	The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): October 31, January 31, Accrued utility charges $ 1,775 $ 3,085 Accrued payroll and related items 3,364 3,798 Accrued income taxes 1,751 — Accrued real estate taxes 1,089 2,507 Other 1,210 957 Total $ 9,189 $ 10,347

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Oct. 31, 2015
Share-based Arrangements with Employees and Nonemployees [Abstract]
Schedule of Nonvested Share Activity [Table Text Block]	The following table summarizes non-vested stock award activity for the nine months ended October 31, 2015: Non-Vested Weighted- Weighted- Non-Vested at January 31, 2015 — $ — Granted 3,168 200 Forfeited — — Vested — — Non-Vested at October 31, 2015 3,168 $ 200 3

Income Per Share from Continu30

Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Tables)	9 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts): Three Months Ended Three Months Ended October 31, 2015 October 31, 2014 Income Shares Per Income Shares Per Basic income per share from continuing operations attributable to REX common shareholders $ 7,456 6,915 $ 1.08 $ 23,200 8,170 $ 2.84 Effect of restricted stock — 16 — — Diluted income per share from continuing operations attributable to REX common shareholders $ 7,456 6,931 $ 1.08 $ 23,200 8,170 $ 2.84 Nine Months Ended Nine Months Ended October 31, 2015 October 31, 2014 Income Shares Per Income Shares Per Basic income per share from continuing operations attributable to REX common shareholders $ 27,750 7,460 $ 3.72 $ 66,855 8,157 $ 8.19 Effect of restricted stock — 9 — 11 Diluted income per share from continuing operations attributable to REX common shareholders $ 27,750 7,469 $ 3.72 $ 66,855 8,168 $ 8.18

Investments (Tables)

Investments (Tables)	9 Months Ended
	Oct. 31, 2015
Investments And Deposits [Abstract]
Equity Method Investments [Table Text Block]	The following table summarizes equity method investments at October 31, 2015 and January 31, 2015 (amounts in thousands): Entity Ownership Percentage Carrying Amount Carrying Amount Big River 9.7 % $ 41,088 $ 40,188 Patriot (sold June 1, 2015) N/A — 40,201 Total Equity Method Investments $ 41,088 $ 80,389
Schedule Of Income Loss Recognized From Equity Method Investments [Table Text Block]	The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Big River $ 1,314 $ 4,574 $ 4,910 $ 14,353 Patriot (sold June 1, 2015) — 4,206 2,947 9,969 Total $ 1,314 $ 8,780 $ 7,857 $ 24,322
Schedule of Financial Information for Equity Method Investments [Table Text Block]	Summarized financial information for each of the Company’s equity method investees is presented in the following table for the periods presented (amounts in thousands): Three Months Ended Three Months Ended Patriot (1) Big River Patriot (1) Big River Net sales and revenue $ — $ 215,902 $ 93,056 $ 260,908 Gross profit $ — $ 22,078 $ 17,597 $ 59,426 Income from continuing operations $ — $ 13,540 $ 15,843 $ 47,114 Net income $ — $ 13,540 $ 15,843 $ 47,114 Nine Months Ended Nine Months Ended Patriot (1) Big River Patriot (1) Big River Net sales and revenue $ 115,614 $ 623,900 $ 252,592 $ 854,174 Gross profit $ 14,424 $ 71,345 $ 42,626 $ 183,736 Income from continuing operations $ 11,100 $ 50,580 $ 37,549 $ 147,853 Net income $ 11,100 $ 50,580 $ 37,549 $ 147,853 (1) For Patriot, results are for the five month period ended May 31, 2015 as the Company’s equity interest in Patriot was sold June 1, 2015.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Oct. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): Unrecognized tax benefits, January 31, 2015 $ 1,658 Changes for prior years’ tax positions (1,658 ) Changes for current year tax positions — Unrecognized tax benefits, October 31, 2015 $ —

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Oct. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales and revenue $ — $ 30 $ — $ 42 Cost of sales — 26 — 45 Income (loss) before income taxes — 4 — (3 ) (Provision) benefit for income taxes — (2 ) — 1 Income (loss) from discontinued operations, net of tax $ — $ 2 $ — $ (2 ) Gain on disposal $ — $ 210 $ — $ 217 Provision for income taxes — (72 ) — (81 ) Gain on disposal of discontinued operations, net of tax $ — $ 138 $ — $ 136

Net Sales and Revenue (Tables)

Net Sales and Revenue (Tables)	9 Months Ended
	Oct. 31, 2015
Net Sales And Revenue [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	The following table summarizes sales for each product and service group for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended Product or Service Category 2015 2014 2015 2014 Ethanol $ 82,767 $ 110,178 $ 248,329 $ 347,896 Dried distillers grains 22,518 23,108 64,354 79,946 Non-food grade corn oil 3,994 4,340 12,002 12,999 Modified distillers grains 1,108 603 4,109 2,884 Other 197 195 467 855 Total $ 110,584 $ 138,424 $ 329,261 $ 444,580

Consolidated Condensed Financ35

Consolidated Condensed Financial Statements (Details)	9 Months Ended
	Oct. 31, 2015
Disclosure Text Block [Abstract]
Number of Reportable Segments	1
Number of Ethanol Entities Under Ownership Interest	3
Number of Ethanol Entities Under Majority Ownership Interest	2

Accounting Policies (Details)

Accounting Policies (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Jan. 31, 2015USD ($)
Accounting Policies (Details) [Line Items]
Interest Paid	$ 0	$ 518,000	$ 0	$ 1,834,000
Derivative Settlement on Interest Rate Swap	0	367,000	0	1,142,000
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value	0	$ 0	0	0
Liabilities Related to Investment Contracts, Fair Value Disclosure	$ 400,000		400,000
Income Taxes Paid			19,703,000	22,829,000
Proceeds from Income Tax Refunds			132,000	0
Inventory Write-down			$ 0		$ 0
Property, Plant and Equipment, Depreciation Methods			Depreciation is computed using the straight-line method.
Asset Impairment Charges			$ 125,000,000,000	$ 68,000,000,000
Number of Ethanol Entities Under Majority Ownership Interest	2		2
Cost of Sales [Member]
Accounting Policies (Details) [Line Items]
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting			20.00%
Minimum [Member] | Building and Building Improvements [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			15 years
Minimum [Member] | Fixtures And Equipment [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Maximum [Member] | Building and Building Improvements [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Maximum [Member] | Fixtures And Equipment [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			20 years

Accounting Policies (Details) -

Accounting Policies (Details) - Schedule of components of inventory - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
Schedule of components of inventory [Abstract]
Ethanol and other finished goods	$ 5,614	$ 3,039
Work in process	2,599	2,609
Grain and other raw materials	15,343	12,414
Total	$ 23,556	$ 18,062

Leases (Details) - Schedule of

Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands	Oct. 31, 2015USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
Remainder of 2016	$ 1,851
2,017	7,340
2,018	6,575
2,019	5,845
2,020	4,341
Thereafter	6,947
Total	$ 32,899

Fair Value (Details) - Schedule

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands		Oct. 31, 2015	Jan. 31, 2015
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative financial instruments (1)	[1]	$ 446
Investment in cooperative (2)	[2]	333	$ 333
Total assets		779
Forward purchase contract liability (3)	[3]	414
Fair Value, Inputs, Level 1 [Member]
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative financial instruments (1)	[1]	$ 446
Investment in cooperative (2)	[2]
Total assets		$ 446
Forward purchase contract liability (3)	[3]
Fair Value, Inputs, Level 2 [Member]
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative financial instruments (1)	[1]
Investment in cooperative (2)	[2]
Forward purchase contract liability (3)	[3]
Fair Value, Inputs, Level 3 [Member]
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative financial instruments (1)	[1]
Investment in cooperative (2)	[2]	$ 333	$ 333
Total assets		333
Forward purchase contract liability (3)	[3]	$ 414
[1]	The derivative financial instruments are included in "Prepaid expenses and other current assets" on the accompanying Consolidated Condensed Balance Sheets.
[2]	The investment in cooperative is included in "Other assets" on the accompanying Consolidated Condensed Balance Sheets.
[3]	The forward purchase contract liability is included in "Accrued expenses and other current liabilities" on the accompanying Consolidated Condensed Balance Sheets.

Property and Equipment (Details

Property and Equipment (Details) - Schedule of Property Plant and Equipment - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
Schedule of Property Plant and Equipment [Abstract]
Land and improvements	$ 21,598	$ 20,844
Buildings and improvements	24,519	27,069
Machinery, equipment and fixtures	232,249	231,422
Construction in progress	6,715	1,290
	285,081	280,625
Less: accumulated depreciation	(95,955)	(86,178)
Total	$ 189,126	$ 194,447

Other Assets (Details)

Other Assets (Details) $ in Millions	9 Months Ended
	Oct. 31, 2015USD ($)
Disclosure Text Block Supplement [Abstract]
Proceeds from Sale of Other Investments	$ 2.2

Other Assets (Details) - Schedu

Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands		Oct. 31, 2015	Jan. 31, 2015
Schedule of Other Assets [Abstract]
Deposits		$ 664	$ 914
Real estate taxes refundable		4,395	$ 4,395
Proceeds from sale of investment held in escrow (1)	[1]	2,188
Other		884	$ 1,057
Total		$ 8,131	$ 6,366
[1]	Excludes approximately $2.2 million of proceeds from sale of investment held in escrow that are expected to be collected within twelve months.

Accrued Expenses and Other Cu43

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
Schedule of accrued expenses and other current liabilities [Abstract]
Accrued utility charges	$ 1,775	$ 3,085
Accrued payroll and related items	3,364	3,798
Accrued income taxes	1,751
Accrued real estate taxes	1,089	2,507
Other	1,210	957
Total	$ 9,189	$ 10,347

Revolving Lines of Credit (Deta

Revolving Lines of Credit (Details) $ in Millions	9 Months Ended
	Oct. 31, 2015USD ($)
Debt Disclosure [Abstract]
Line of Credit, Current	$ 10
Debt Instrument, Maturity Date	Apr. 1, 2016
Line of Credit Facility, Interest Rate Description	LIBOR rate plus 250 basis points

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	Oct. 31, 2015USD ($)shares
Share-based Arrangements with Employees and Nonemployees [Abstract]
Common Stock, Capital Shares Reserved for Future Issuance	550,000
Unrecognized Compensation Cost Related to Nonvested Restricted Stock | $	$ 172,000

Stock-Based Compensation (Det46

Stock-Based Compensation (Details) - Schedule of Non-Vested Stock Award Activity shares in Thousands, $ / shares in Thousands	9 Months Ended
	Oct. 31, 2015$ / sharesshares
Schedule of Non-Vested Stock Award Activity [Abstract]
Non-Vested Shares	3,168
Weighted-Average Grant Date Fair Value | $ / shares	$ 200
Weighted-Average Vesting Term	3 years
Granted	3,168
Granted | $ / shares	$ 200

Income Per Share from Continu47

Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Schedule of Earnings Per Share, Basic and Diluted [Abstract]
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars)	$ 7,456	$ 23,200	$ 27,750	$ 66,855
Basic income per share from continuing operations attributable to REX common shareholders	6,915	8,170	7,460	8,157
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 1.08	$ 2.84	$ 3.72	$ 8.19
Effect of restricted stock	16		9	11
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars)	$ 7,456	$ 23,200	$ 27,750	$ 66,855
Diluted income per share from continuing operations attributable to REX common shareholders	6,931	8,170	7,469	8,168
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 1.08	$ 2.84	$ 3.72	$ 8.18

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 01, 2015	Oct. 31, 2015	Oct. 31, 2014	Jan. 31, 2015
Investments (Details) [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions		$ (7,643)	$ (19,881)
Gain (Loss) on Sale of Investments		(10,385)
Other Assets, Noncurrent		8,131		$ 6,366
Net Cash Provided by (Used in) Investing Activities		37,807	(6,738)
Related to Estimated Escrow Proceeds [Member]
Investments (Details) [Line Items]
Accounts Receivable, Net		2,200
Other Assets, Noncurrent		2,200
Big River [Member]
Investments (Details) [Line Items]
Retained Earnings, Undistributed Earnings from Equity Method Investees		21,100
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries		$ 337,300		322,100
Equity Method Investment, Ownership Percentage		9.70%
Patriot And Big River [Member]
Investments (Details) [Line Items]
Retained Earnings, Undistributed Earnings from Equity Method Investees				$ 41,900
Proceeds from Equity Method Investment, Dividends or Distributions		$ 7,600	$ 19,900
Patriot [Member]
Investments (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Cash Received at Closing, Merger Consideration	$ 45,500
Equity Method Investment, Ownership Percentage	27.00%
Total Merger Consideration	$ 196,000
Gain (Loss) on Sale of Investments	$ 10,400
Net Cash Provided by (Used in) Investing Activities		$ 45,500
Non Cash Provided by (Used in) Investing Activities		$ 4,400

Investments (Details) - Schedul

Investments (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands	Oct. 31, 2015	Jun. 01, 2015	Jan. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total Equity Method Investments, Carrying Amount	$ 41,088		$ 80,389
Big River [Member]
Schedule of Equity Method Investments [Line Items]
Total Equity Method Investments, Ownership Percentage	9.70%
Total Equity Method Investments, Carrying Amount	$ 41,088		40,188
Patriot [Member]
Schedule of Equity Method Investments [Line Items]
Total Equity Method Investments, Ownership Percentage		27.00%
Total Equity Method Investments, Carrying Amount			$ 40,201

Investments (Details) - Sched50

Investments (Details) - Schedule of Income Recognized from Equity Method Investments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Investments (Details) - Schedule of Income Recognized from Equity Method Investments [Line Items]
Income From Equity Method Investments	$ 1,314	$ 8,780	$ 7,857	$ 24,322
Big River [Member]
Investments (Details) - Schedule of Income Recognized from Equity Method Investments [Line Items]
Income From Equity Method Investments	$ 1,314	4,574	4,910	14,353
Patriot [Member]
Investments (Details) - Schedule of Income Recognized from Equity Method Investments [Line Items]
Income From Equity Method Investments		$ 4,206	$ 2,947	$ 9,969

Investments (Details) - Sched51

Investments (Details) - Schedule of Financial information For Equity Method Investment - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Patriot [Member]
Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items]
Net sales and revenue	[1]		$ 93,056	$ 115,614	$ 252,592
Gross profit	[1]		17,597	14,424	42,626
Income from continuing operations	[1]		15,843	11,100	37,549
Net income	[1]		15,843	11,100	37,549
Big River [Member]
Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items]
Net sales and revenue		$ 215,902	260,908	623,900	854,174
Gross profit		22,078	59,426	71,345	183,736
Income from continuing operations		13,540	47,114	50,580	147,853
Net income		$ 13,540	$ 47,114	$ 50,580	$ 147,853
[1]	For Patriot, results are for the five month period ended May 31, 2015 as the Company's equity interest in Patriot was sold June 1, 2015.

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent	14.80%	29.90%	28.10%	33.50%
Effective Income Tax Rate Reconciliation, Deduction, Percent	17.00%		7.00%

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward $ in Thousands	9 Months Ended
	Oct. 31, 2015USD ($)
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract]
Unrecognized tax benefits	$ 1,658
Changes for prior years’ tax positions	$ (1,658)
Unrecognized tax benefits

Discontinued Operations (Detail

Discontinued Operations (Details) - Schedule of Disposal Groups Including Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Schedule of Disposal Groups Including Discontinued Operations [Abstract]
Net sales and revenue		$ 30		$ 42
Cost of sales		26		45
Income (loss) before income taxes		4		(3)
(Provision) benefit for income taxes		(2)		1
Income (loss) from discontinued operations, net of tax		2		(2)
Gain on disposal		210		217
Provision for income taxes		(72)		(81)
Gain on disposal of discontinued operations, net of tax		$ 138		$ 136

Commitments and Contingencies (

Commitments and Contingencies (Details) - One Earth Energy And Nu Gen Energy [Member] lb in Millions, gal in Millions, bu in Millions	9 Months Ended
	Oct. 31, 2015Tlbbugal
Commitments and Contingencies (Details) [Line Items]
Quantity of Bushels under Forward Purchase Contract | bu	5.3
Quantity of Ethanol under Sales Commitment	55.5
Quantity of Distillers Grains Under Sales Commitment | T	55,000
Quantity of Non-food Grade Corn Oil Under Sales Commitments | lb	6.4
Supply Commitment Expected Period Of Delivery	They expect to deliver the ethanol, distillers grains and non-food grade corn oil through June 2016.

Net Sales and Revenue (Details)

Net Sales and Revenue (Details) - Schedule of Net Sales and Revenue for Each Product and Service Group - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Revenue from External Customer [Line Items]
Product or Service	$ 110,584	$ 138,424	$ 329,261	$ 444,580
Ethanol [Member]
Revenue from External Customer [Line Items]
Product or Service	82,767	110,178	248,329	347,896
Dried distillers grains [Member]
Revenue from External Customer [Line Items]
Product or Service	22,518	23,108	64,354	79,946
Non-food grade corn oil [Member]
Revenue from External Customer [Line Items]
Product or Service	3,994	4,340	12,002	12,999
Modified distillers grains [Member]
Revenue from External Customer [Line Items]
Product or Service	1,108	603	4,109	2,884
Other [Member]
Revenue from External Customer [Line Items]
Product or Service	$ 197	$ 195	$ 467	$ 855

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
One Earth Energy And Nu Gen Energy [Member]
Related-Party Transactions (Details) [Line Items]
Costs and Expenses, Related Party	$ 38.1	$ 38.9	$ 114.4	$ 124.1