EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Jan. 31, 2013

EMPLOYEE BENEFIT PLANS [Abstract]

Components of periodic pension (income) cost

The following table provides the components of net periodic pension (income) cost:

	2013			2012			2011
Service cost	$	224,138		$	205,725		$	211,500
Interest cost		1,088,872			1,121,492			1,118,007
Expected return on plan assets		(1,219,287	)		(1,401,943	)		(1,011,021	)
Recognized net actuarial loss		439,965			209,830			243,640
Net periodic benefit cost	$	533,688		$	135,104		$	562,126

Change in benefit obligations, change in plan assets and amounts recognized on the Company's consolidated balance

The following table sets forth the plans' change in benefit obligations, change in plan assets and amounts recognized on the Company's consolidated balance sheets at January 31, 2013 and 2012:

	2013			2012
Change in benefit obligation:
Benefit obligation at beginning of year	$	26,059,763		$	20,675,319
Service cost		224,138			205,725
Interest cost		1,088,872			1,121,492
Actuarial loss		940,869			5,371,311
Administrative expenses		(164,722	)		(259,229	)
Benefits paid		(1,102,251	)		(1,054,855	)
Benefit obligation at end of year	$	27,046,669		$	26,059,763
Change in plan assets:
Fair value of plan assets at beginning of year	$	16,343,172		$	14,807,545
Actual gain (loss) on plan assets		1,438,608			(148,700	)
Employer contribution		1,674,244			2,998,411
Administrative expenses		(164,722	)		(259,229	)
Benefits paid		(1,102,251	)		(1,054,855	)
Fair value of plan assets at end of year	$	18,189,051		$	16,343,172
Funded status:	$	(8,857,618	)	$	(9,716,591	)
Unrecognized actuarial loss		13,449,383			13,167,800
Net amount recognized	$	4,591,765		$	3,451,209
Amounts recognized in the consolidated balance sheets consist of:
Accrued benefit liability – short term	$	(94,591	)	$	(94,583	)
Accrued benefit liability – long term		(8,763,027	)		(9,622,008	)
Accumulated other comprehensive loss		13,449,383			13,167,800
Net amount recognized	$	4,591,765		$	3,451,209

Schedule of expected benefit payments

The following benefit payments are expected to be paid:

Year Ending
January 31,
2014	$	1,240,819
2015		1,314,172
2016		1,369,542
2017		1,408,435
2018		1,456,832
2019 – 2023		7,707,801
	$	14,497,601

Schedule of assumptions used in accounting for benefit obligations and net projected pension cost

Weighted average assumptions used in accounting for benefit obligations for the fiscal year ended January 31:

	2013		2012		2011
Discount rate		4.00%		4.25%		5.50%
Expected long-term rate of return on assets		7.50%		7.50%		8.50%

Weighted average assumptions used in accounting for net projected pension cost for the fiscal year ended January 31:

	2013		2012		2011
Discount rate		4.25%		5.50%		5.75%
Expected long-term rate of return on assets		7.50%		8.50%		8.50%

Target allocation and asset allocation of pension plan assets

The table below sets forth the target allocations and asset allocations for the plan as follows:

	January 31,	January 31,
	2013	2012
Target allocation:
Equity securities	40-80%	40-80%
Debt securities	20-60%	20-60%
Asset allocation:
Equity securities	61-77%	61-77%
Debt securities	23-39%	23-39%
Total	100%	100%

Fair value of the company's pension plan assets

The fair value of the Company's pension plans' assets at January 31, 2013 by asset class are as follows:

			Quoted Prices
			in Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Asset Class:
Equity securities
Domestic equities (a)	$	8,219,452	$	8,219,452	$	-	$	-
Foreign equities (a)		2,938,729		2,938,729		-		-
Fixed income securities
Intermediate duration corporate and government bonds (b)		5,587,829		5,587,829		-		-
Cash and cash equivalents (c)		1,443,041		1,443,041		-		-
Total pension assets	$	18,189,051	$	18,189,051	$	-	$	-

The fair value of the Company's pension plan's assets at January 31, 2012 by asset class are as follows:

			Quoted Prices
			in Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Asset Class:
Equity securities
Domestic equities (a)	$	7,162,837	$	7,162,837	$	-	$	-
Foreign equities (a)		2,839,026		2,839,026		-		-
Fixed income securities
Intermediate duration corporate and government bonds (b)		5,468,502		5,468,502		-		-
Cash and cash equivalents (c)		872,807		872,807		-		-
Total pension assets	$	16,343,172	$	16,343,172	$		$	-

(a) These categories consist of various managed funds that invest primarily in common stocks, as well as other equity securities and a combination of other funds.

(b) Investments inthis category consist of a fixed income fund that invests primarily in intermediate duration bonds, as well as a combination of other funds.

(c) Cash is comprised of money market funds, which are valued utilizing the net asset value per unit based on the fair value of the underlying assets as determined by the fund's investment managers.