0000930413-16-007301.txt : 20160603 0000930413-16-007301.hdr.sgml : 20160603 20160603145014 ACCESSION NUMBER: 0000930413-16-007301 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160603 DATE AS OF CHANGE: 20160603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REX AMERICAN RESOURCES Corp CENTRAL INDEX KEY: 0000744187 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 311095548 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09097 FILM NUMBER: 161695227 BUSINESS ADDRESS: STREET 1: 7720 PARAGON ROAD CITY: DAYTON STATE: OH ZIP: 45459 BUSINESS PHONE: 9372763931 MAIL ADDRESS: STREET 1: 7720 PARAGON ROAD CITY: DAYTON STATE: OH ZIP: 45459 FORMER COMPANY: FORMER CONFORMED NAME: REX STORES CORP DATE OF NAME CHANGE: 19930915 FORMER COMPANY: FORMER CONFORMED NAME: AUDIO VIDEO AFFILIATES INC DATE OF NAME CHANGE: 19920703 10-Q 1 c85149_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended April 30, 2016
	OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from _________ to _________

Commission File Number 001-09097

REX AMERICAN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		31-1095548
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

7720 Paragon Road, Dayton, Ohio		45459
(Address of principal executive offices)		(Zip Code)

(937) 276-3931

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer x
Non-accelerated filer o	(Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

At the close of business on June 2, 2016 the registrant had 6,560,527 shares of Common Stock, par value $.01 per share, outstanding.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

INDEX

		Page

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Condensed Balance Sheets		3
	Consolidated Condensed Statements of Operations		4
	Consolidated Condensed Statements of Equity		5
	Consolidated Condensed Statements of Cash Flows		6
	Notes to Consolidated Condensed Financial Statements		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		20

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		27

Item 4.	Controls and Procedures		28

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings		28

Item 1A.	Risk Factors		28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		29

Item 3.	Defaults upon Senior Securities		29

Item 4.	Mine Safety Disclosures		29

Item 5.	Other Information		29

Item 6.	Exhibits		29

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

Unaudited

	April 30,			January 31,
	2016			2016
	(In Thousands)
Assets
Current assets:
Cash and cash equivalents	$	122,450		$	135,765
Restricted cash		520			54
Accounts receivable		13,416			13,666
Inventory		25,732			17,178
Refundable income taxes		3,731			5,254
Prepaid expenses and other		6,285			6,407
Deferred taxes, net		1,036			1,036
Total current assets		173,170			179,360
Property and equipment, net		189,209			189,976
Other assets		6,692			6,642
Equity method investments		38,940			38,707
Total assets	$	408,011		$	414,685

Liabilities and equity:
Current liabilities:
Accounts payable, trade	$	7,143		$	10,212
Accrued expenses and other current liabilities		6,958			9,423
Total current liabilities		14,101			19,635
Long-term liabilities:
Deferred taxes		38,304			38,304
Other long-term liabilities		987			987
Total long-term liabilities		39,291			39,291
Equity:
REX shareholders’ equity:
Common stock		299			299
Paid-in capital		144,856			144,844
Retained earnings		478,712			475,874
Treasury stock		(314,104	)		(309,754	)
Total REX shareholders’ equity		309,763			311,263
Noncontrolling interests		44,856			44,496
Total equity		354,619			355,759
Total liabilities and equity	$	408,011		$	414,685

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements Of Operations

Unaudited

	Three Months Ended
	April 30,
	2016			2015
	(In Thousands, Except Per Share Amounts)

Net sales and revenue	$	100,222		$	105,197
Cost of sales		91,800			96,070
Gross profit		8,422			9,127
Selling, general and administrative expenses		(4,027	)		(4,453	)
Equity in income of unconsolidated affiliates		233			1,480
Gain on sale of investment		192			—
Gain on disposal of property and equipment, net		—			483
Interest and other income		160			218
Income before income taxes		4,980			6,855
Provision for income taxes		(1,514	)		(2,416	)
Net income		3,466			4,439
Net income attributable to noncontrolling interests		(628	)		(512	)
Net income attributable to REX common shareholders	$	2,838		$	3,927

Weighted average shares outstanding – basic		6,573			7,900

Basic net income per share attributable to REX common shareholders	$	0.43		$	0.50

Weighted average shares outstanding – diluted		6,594			7,900

Diluted net income per share attributable to REX common shareholders	$	0.43		$	0.50

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements Of Equity

Unaudited

(In Thousands)

	REX Shareholders

	Common Shares
	Issued				Treasury					Paid-in		Retained		Noncontrolling			Total
	Shares		Amount		Shares		Amount			Capital		Earnings		Interests			Equity

Balance at January 31, 2016		29,853	$	299		23,204	$	(309,754	)	$	144,844	$	475,874	$	44,496		$	355,759

Net income													2,838		628			3,466

Treasury stock acquired						88		(4,353	)									(4,353	)

Stock based compensation expense								3			12							15

Noncontrolling interests distribution and other		—		—		—		—			—		—		(268	)		(268	)

Balance at April 30, 2016		29,853	$	299		23,292	$	(314,104	)	$	144,856	$	478,712	$	44,856		$	354,619

Balance at January 31, 2015		29,853	$	299		21,954	$	(239,557	)	$	144,791	$	444,438	$	42,993		$	392,964

Net income		—		—		—		—			—		3,927		512			4,439

Balance at April 30, 2015		29,853	$	299		21,954	$	(239,557	)	$	144,791	$	448,365	$	43,505		$	397,403

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements Of Cash Flows

Unaudited

	Three Months Ended
	April 30,
	2016			2015
	(In Thousands)
Cash flows from operating activities:
Net income including noncontrolling interests	$	3,466		$	4,439
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, impairment charges and amortization		4,812			4,956
Income from equity method investments		(233	)		(1,480	)
Gain on disposal of real estate and property and equipment, net		—			(483	)
Dividends received from equity method investees		—			3,634
Gain on sale of investment		(192	)		—
Stock based compensation expense		15			—
Changes in assets and liabilities:
Accounts receivable		(1,833	)		(1,133	)
Inventories		(8,554	)		(1,504	)
Other assets		1,589			2,075
Accounts payable, trade		(2,284	)		(1,629	)
Other liabilities		(2,465	)		(3,587	)
Net cash (used in) provided by operating activities		(5,679	)		5,288
Cash flows from investing activities:
Capital expenditures		(4,474	)		(2,507	)
Restricted cash		(466	)		—
Proceeds from sale of investment		2,275			—
Proceeds from sale of real estate and property and equipment, net		—			1,402
Other		6			6
Net cash used in investing activities		(2,659	)		(1,099	)
Cash flows from financing activities:
Purchase of stock from noncontrolling interests holders		(268	)		—
Treasury stock acquired		(4,709	)		—
Net cash used in financing activities		(4,977	)		—
Net (decrease) increase in cash and cash equivalents		(13,315	)		4,189
Cash and cash equivalents, beginning of period		135,765			137,697
Cash and cash equivalents, end of period	$	122,450		$	141,886

Non cash investing activities – Accrued capital expenditures	$	634		$	—

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
April 30, 2016

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, 2016 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, 2016 (fiscal year 2015). 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, 2016. 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.

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 2015 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.

Financial Instruments

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 Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” 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.

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. 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. The Company does not hold or issue derivative financial instruments for trading or speculative purposes.

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 no income taxes during the three months ended April 30, 2016 or 2015.

As of April 30, 2016 and January 31, 2016, total unrecognized tax benefits were approximately $987,000. There were no accrued penalties and interest at April 30, 2016 or January 31, 2016. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $987,000. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. 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 April 30, 2016 and January 31, 2016. 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):

	April 30, 2016		January 31, 2016

Ethanol and other finished goods	$	4,945	$	3,105
Work in process		2,711		2,652
Grain and other raw materials		18,076		11,421
Total	$	25,732	$	17,178

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 2 to 20 years for fixtures and equipment.

In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were no impairment charges in the first quarter of fiscal year 2016 and approximately $125,000 of impairment charges in the first quarter of fiscal year 2015. The impairment charges are related to unfavorable changes in real estate conditions in local markets. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value.

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).

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” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) (through May 31, 2015 – see Note 12 for a discussion of the sale of the Company’s equity interest in Patriot) using the equity method of accounting and includes the results of these entities on a delayed basis of one month as they have a fiscal year end of December 31.

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

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “Improvements to Employee share-Based Payment Accounting”. This standard simplifies the accounting treatment for excess tax benefits and deficiencies, forfeitures, and cash flow considerations related to share-based compensation. This standard is effective for annual and interim periods beginning after December 15, 2016. The Company has not determined the effect of this standard on its consolidated financial statements and related disclosures.

In January 2016, the FASB issued ASU 2016-01. “Recognition and Measurement of Financial Assets and Financial Liabilities”. This standard provides guidance for the recognition, measurement, presentation and disclosure of financial instruments. This ASU is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted. The Company has not determined the effect of this standard on its consolidated financial statements and related disclosures.

Note 3. Leases

Years Ended January 31,	Minimum Rentals

Remainder of 2017	$	5,505
2018		6,575
2019		5,845
2020		4,341
2021		2,778
Thereafter		4,169
Total	$	29,213

Note 4. Fair Value

The Company applies ASC 820, “Fair Value Measurements and Disclosures”, (“ASC 820”) which provides a framework for measuring fair value under accounting principles generally accepted in the United States of America. 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 certain cash equivalents, investments and derivative instruments at fair value.

The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. The fair values of property and equipment are determined by using various models that discount future expected cash flows.

To ensure the prudent application of estimates and management judgement in determining the fair value of derivative assets and liabilities, investments and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2016 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value

Commodity futures (1)	$	92	$	—	$	—	$	92
Investment in cooperative (2)		—		—		333		333
Total assets	$	92	$	—	$	333	$	425
Forward purchase contract liability (3)	$	—	$	3	$	—	$	3

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2016 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value

Investment in cooperative (2)	$	—	$	—	$	333	$	333
Forward purchase contracts liability (3)	$	—	$	312	$	—	$	312

(1) Commodity futures 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 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.

There were no assets measured at fair value on a non-recurring basis at April 30, 2016 or January 31, 2016.

Note 5. Property and Equipment

The components of property and equipment are as follows for the periods presented (amounts in thousands):

	April 30, 2016			January 31, 2016

Land and improvements	$	21,598		$	21,598
Buildings and improvements		24,543			24,543
Machinery, equipment and fixtures		240,893			237,735
Construction in progress		6,936			6,094
		293,970			289,970
Less: accumulated depreciation		(104,761	)		(99,994	)
Total	$	189,209		$	189,976

Note 6. Other Assets

The components of other assets are as follows for the periods presented (amounts in thousands):

	April 30, 2016		January 31, 2016

Real estate taxes refundable	$	5,091	$	5,091
Deposits		664		664
Other		937		887
Total	$	6,692	$	6,642

Real estate taxes refundable represent amounts due One Earth associated with refunds of previously paid taxes in connection with a tax increment financing arrangement with local taxing authorities. Deposits are with utility and other vendors.

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):

	April 30, 2016		January 31, 2016

Accrued utility charges	$	1,695	$	2,094
Accrued payroll and related items		1,732		3,760
Accrued real estate taxes		2,703		2,564
Other		828		1,005
Total	$	6,958	$	9,423

Note 8. Revolving Lines of Credit

Effective April 1, 2016, One Earth and NuGen each entered into $10.0 million revolving loan facilities that mature April 1, 2017. 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 three months ended April 30, 2016. 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.

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 three months ended April 30, 2016:

	Non-Vested Shares		Weighted-Average Grant Date Fair Value (in thousands)		Weighted- Average Vesting Term (in years)

Non-Vested at January 31, 2016		3,168	$	200
Granted		—		—
Forfeited		—		—
Vested		—		—
Non-Vested at April 30, 2016		3,168	$	200		2

At April 30, 2016, unrecognized compensation cost related to nonvested restricted stock was approximately $121,000.

Note 10. Derivative Financial Instruments

The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements and forward purchase (corn) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.

	Asset Derivatives				Liability Derivatives
	Fair Value at April 30,				Fair Value at April 30,
	2016		2015		2016		2015

Commodity futures (1)	$	93	$	8	$	—	$	—
Forward purchase contracts (2)	$	—	$	—	$	3	$	—
Total

(1) Commodity futures are included in other prepaid expense and other current assets. These futures contracts are for approximately 2.5 million bushels of corn at April 30, 2016 and approximately 35,000 bushels of corn at April 30, 2015.

(2) Forward purchase contracts are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 0.6 million bushels of corn.

As of April 30, 2016, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset positions amounts owed or owing with the same counterparty. As of April 30, 2016, the gross positions of the enforceable master netting agreements are not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. As of April 30, 2016, the Company was required to maintain collateral with the counterparty in the amount of approximately $520,000 to secure the Company’s derivative liability position.

See Note 4 which contains fair value information related to derivative financial instruments.

Gains of approximately $488,000 for the first quarter of fiscal year 2016 on the Company’s derivative financial instruments were included in cost of sales on the Consolidated Condensed Statements of Operations. There were no gains or losses for the first quarter of fiscal year 2015.

Note 11. Net Income Per Share Attributable to REX Common Shareholders

The following table reconciles the computation of basic and diluted net income per share for the periods presented (in thousands, except per share amounts):

	Three Months Ended						Three Months Ended
	April 30, 2016						April 30, 2015
	Income		Shares		Per Share		Income		Shares		Per Share
Basic net income per share attributable to REX common shareholders	$	2,838		6,573	$	0.43	$	3,927		7,900	$	0.50

Effect of restricted stock		—		21				—		—

Diluted net income per share attributable to REX common shareholders	$	2,838		6,594	$	0.43	$	3,927		7,900	$	0.50

For the three months ended April 30, 2016, all shares subject to outstanding restricted stock awards were dilutive. For the three months ended April 30, 2015, there were no shares subject to outstanding restricted stock awards and options.

Note 12. Investments

The following table summarizes equity method investments at April 30, 2016 and January 31, 2016 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2016		Carrying Amount January 31, 2016

Big River		9.7	%	$	38,940	$	38,707

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2016		2015

Big River	$	233	$	1,007
Patriot (sold June 1, 2015)		—		473
Total	$	233	$	1,480

Undistributed earnings of the equity method investee totaled approximately $18.9 million and $18.7 million at April 30, 2016 and January 31, 2016, respectively. During the first quarter of fiscal year 2015, the Company received dividends from equity method investees of approximately $3.6 million. The Company did not receive dividends from the equity method investee in the first quarter of fiscal year 2016.

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 April 30, 2016				Three Months Ended April 30, 2015
	Patriot (1)		Big River		Patriot (1)		Big River

Net sales and revenue	$	—	$	183,571	$	63,239	$	184,806
Gross profit	$	—	$	5,870	$	3,818	$	10,805
Income from continuing operations	$	—	$	2,404	$	1,779	$	10,377
Net income	$	—	$	2,404	$	1,779	$	10,377

(1)

The Company’s equity interest in Patriot was sold June 1, 2015.

Big River has debt agreements that limit amounts Big River can pay in the form of dividends or advances to owners. The restricted net assets of Big River at April 30, 2016 and January 31, 2016 are approximately $309.9 million and $306.3 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. During the first quarter of fiscal year 2016, the Company received proceeds of approximately $2.3 million as partial payment for certain escrow holdbacks and adjustments to the purchase price. As a result, the Company recognized approximately $0.2 million as gain on sale of investment during the first quarter of fiscal year 2016. At April 30, 2016, the Company has approximately $2.3 million in accounts receivable on the accompanying Consolidated Condensed Balance Sheet related to estimated escrow proceeds that were recognized as income. The Company expects that a determination of the final payment of escrowed proceeds to be received will occur by December 1, 2016.

Note 13. Income Taxes

The effective tax rate on consolidated pre-tax income was 30.4% for the three months ended April 30, 2016, and 35.2% for the three months ended April 30, 2015. The reduction in the effective tax rate primarily relates to a change in the apportionment of income to certain states and the impact of noncontrolling interests.

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, 2016	$	987
Changes for prior years’ tax positions		—
Changes for current year tax positions		—
Unrecognized tax benefits, April 30, 2016	$	987

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 14.0 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through June 2016.

One Earth and NuGen have combined sales commitments for approximately 47.1 million gallons of ethanol, approximately 52,000 tons of distillers grains and approximately 8.1 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2016.

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
	April 30,
Product or Service Category	2016		2015
Ethanol	$	77,631	$	78,572
Dried distillers grains		17,054		20,251
Non-food grade corn oil		3,846		3,959
Modified distillers grains		1,564		2,305
Other		127		110
Total	$	100,222	$	105,197

Note 16. Related-Party Transactions

During the first quarters of fiscal year 2016 and 2015, One Earth and NuGen purchased approximately $44.4 million and $38.1 million, respectively, of corn from minority equity investors and board members of those subsidiaries.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

At April 30, 2016, we had equity investments in three ethanol limited liability companies, two of which we have a majority ownership interest in. The following table is a summary of ethanol gallons shipped at our plants:

Entity	Trailing 12 Months Ethanol Gallons Shipped	REX’s Current Ownership Interest			Current Effective Ownership of Trailing 12 Months Ethanol Gallons Shipped

One Earth Energy, LLC	115.5 M		74.9	%	86.5 M
NuGen Energy, LLC	119.6 M		99.5	%	119.0 M
Big River Resources, LLC:
Big River Resources W Burlington, LLC	106.5 M		9.7	%	10.3 M
Big River Resources Galva, LLC	122.9 M		9.7	%	11.9 M
Big River United Energy, LLC	127.2 M		5.4	%	6.9 M
Big River Resources Boyceville, LLC	57.7 M		9.7	%	5.6 M
Total	649.4 M				240.2 M

Our ethanol operations are highly dependent on commodity prices, especially prices for corn, ethanol, distillers grains, non-food grade corn oil and natural gas. As a result of price volatility for these commodities, our operating results can fluctuate substantially. The price and availability of corn is subject to significant fluctuations depending upon a number of factors that affect commodity prices in general, including crop conditions, weather, federal policy and foreign trade. Because the market price of ethanol is not always directly related to corn prices (for example, crude and other energy prices can impact ethanol prices), at times ethanol prices may lag movements in corn prices and, in an environment of higher corn prices or lower ethanol prices, reduce the overall margin structure at the plants. As a result, at times, we may operate our plants at negative or marginally positive operating margins.

We expect our ethanol plants to produce approximately 2.8 gallons of denatured ethanol for each bushel of grain processed in the production cycle. We refer to the difference between the price per gallon of ethanol and the price per bushel of grain (divided by 2.8) as the “crush spread”. Should the crush spread decline, it is possible that our ethanol plants will generate operating results that do not provide adequate cash flows for sustained periods of time. In such cases, production at the ethanol plants may be reduced or stopped altogether in order to minimize variable costs at individual plants.

We attempt to manage the risk related to the volatility of commodity prices by utilizing forward grain purchase and forward ethanol, distillers grains and corn oil sale contracts as management deems appropriate. We attempt to match quantities of these sale contracts with an appropriate quantity of grain purchase contracts over a given period of time when we can obtain an adequate gross margin resulting from the contracts we have executed. However, the market for future ethanol sales contracts is not a mature market. Consequently, we generally execute fixed price contracts for no more than two months into the future at any given time and we may lock in our corn or ethanol price without having a corresponding locked in ethanol or corn price for short durations of time. As a result of the relatively short period of time our contracts cover, we generally cannot predict the future movements in the crush spread for more than two months; thus, we are unable to predict the likelihood or amounts of future income or loss from the operations of our ethanol facilities. We utilize derivative financial instruments, primarily exchange traded commodity future contracts, in conjunction with certain of our grain procurement activities.

Future Energy

During fiscal year 2013, we entered into a joint venture with Hytken HPGP, LLC (“Hytken”) to file and defend patents for eSteam technology relating to heavy oil and oil sands production methods, and to commercially exploit the technology to generate license fees, royalty income and development opportunities. The patented technology is an enhanced method of heavy oil recovery involving zero emissions downhole steam generation. We own 60% and Hytken owns 40% of the entity named Future Energy, LLC.

We have agreed to fund direct patent expenses relating to patent applications and defense, annual annuity fees and maintenance on a country by country basis, with the right to terminate funding and transfer related patent rights to Hytken. We may also fund, through loans, all costs relating to new intellectual property, consultants, and future research and development, pilot field tests and equipment purchases for commercialization stage of the patents. We have paid approximately $1,661,000 cumulatively, including $50,000 in fiscal year 2016 for our ownership interest, patent and other expenses. Results of the formation and year to date operations of Future Energy, LLC were immaterial to the Consolidated Condensed Financial Statements.

Critical Accounting Policies and Estimates

During the three months ended April 30, 2016, we did not change any of our critical accounting policies as disclosed in our 2015 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 25, 2016. All other accounting policies used in preparing our interim fiscal year 2016 Consolidated Condensed Financial Statements are the same as those described in our Form 10-K.

Fiscal Year

All references in this report to a particular fiscal year are to REX’s fiscal year ended January 31. For example, “fiscal year 2016” means the period February 1, 2016 to January 31, 2017.

Results of Operations

Comparison of Three Months Ended April 30, 2016 and 2015

The following table summarizes selected data from our consolidated operations for the periods presented:

	Three Months Ended
	April 30,
	2016		2015

Average selling price per gallon of ethanol	$	1.32	$	1.41
Gallons of ethanol sold (in millions)		58.7		55.8
Average selling price per ton of dried distillers grains	$	125.29	$	144.23
Tons of dried distillers grains sold		136,121		140,407
Average selling price per pound of non-food grade corn oil	$	0.24	$	0.28
Pounds of non-food grade corn oil sold (in millions)		15.7		13.9
Average selling price per ton of modified distillers grains	$	59.82	$	79.96
Tons of modified distillers grains sold		26,147		28,831
Average cost per bushel of grain	$	3.52	$	3.67
Average cost of natural gas (per mmbtu)	$	3.22	$	4.80

Net sales and revenue in the quarter ended April 30, 2016 were approximately $100.2 million compared to approximately $105.2 million in the prior year’s first quarter, representing a decrease of approximately $5.0 million.

The following table summarizes sales of our consolidated operations for each major product and service group for the periods presented (amounts in thousands):

	Three Months Ended
	April 30,
Product Category	2016		2015

Ethanol	$	77,631	$	78,572
Dried distillers grains		17,054		20,251
Non-food grade corn oil		3,846		3,959
Modified distillers grains		1,564		2,305
Other		127		110
Total	$	100,222	$	105,197

Ethanol sales decreased from approximately $78.6 million in the first quarter of fiscal year 2015 to approximately $77.6 million in the first quarter of fiscal year 2016, primarily a result of a $0.09 decline in the price per gallon sold. Management believes the decline in the selling price results primarily from the low crude oil prices experienced in the first quarter of fiscal year 2016 and an oversupply of ethanol. Dried distillers grains sales decreased from approximately $20.3 million in the first quarter of fiscal year 2015 to approximately $17.1 million in the first quarter of fiscal year 2016, primarily a result of a $18.94 decline in the price per ton sold. Management believes the decline in the selling price results primarily from the lower grain prices experienced during the first quarter of fiscal year 2016 and continued uncertainty of Chinese imports of domestic dried distillers grains as the China Ministry of Commerce announced, in January 2016, that it has initiated anti-dumping and countervailing duty investigations of U.S. dried distillers grains exports to China. Non-food grade corn oil sales in the first quarter of fiscal year 2016 were consistent with sales in the first quarter of fiscal year 2015. Modified distillers grains sales decreased from approximately $2.3 million in the first quarter of fiscal year 2015 to approximately $1.6 million in the first quarter of fiscal year 2016, primarily a result of a $20.14 decline in the price per ton sold in the first quarter of fiscal year 2016.

We expect that sales in future periods will be based upon the following (One Earth and NuGen only):

Product	Annual Sales Quantity

Ethanol	220 million to 240 million gallons
Dried distillers grains	560,000 to 660,000 tons
Non-food grade corn oil	50 million to 70 million pounds
Modified distillers grains	60,000 to 90,000 tons

This expectation assumes that One Earth and NuGen will continue to operate at or near historical production levels, which is dependent upon the crush spread realized. The NuGen plant has received the EPA pathway approval and has permits to increase its production levels to 150 million gallons annually. We are working on debottlenecking the plant and plan to increase production levels over time dependent on industry conditions.

Gross profit for the first quarter of fiscal year 2016 was approximately $8.4 million (8.4% of net sales and revenue) which was approximately $0.7 million lower compared to approximately $9.1 million of gross profit (8.7% of net sales and revenue) for the first quarter of fiscal year 2015. The crush spread for the first quarter of fiscal year 2016 was approximately $0.10 per gallon of ethanol sold which was consistent with the first quarter of fiscal year 2015. The decline of approximately $3.2 million in sales of dried distillers grain compared to the first quarter of fiscal year 2015 negatively affected gross profit. Management believes this decline results primarily from overall lower grain prices in fiscal year 2016 compared to fiscal year 2015 and the continued uncertainty regarding Chinese imports of domestic distillers grains. Grain accounted for approximately 78% ($71.1 million) of our cost of sales during the first quarter of fiscal year 2016 compared to approximately 76% ($72.5 million) during the first quarter of fiscal year 2015. Natural gas accounted for approximately 5% ($5.0 million) of our cost of sales during the first quarter of fiscal year 2016 compared to approximately 8% ($7.5 million) during the first quarter of fiscal year 2015.

We attempt to match quantities of ethanol, distillers grains and non-food grade corn oil sale contracts with an appropriate quantity of grain purchase contracts over a given period of time when we can obtain a satisfactory margin resulting from the crush spread inherent in the contracts we have executed. However, the market for future ethanol sales contracts is not a mature market. Consequently, we generally execute fixed price sales contracts for no more than two months into the future at any given time and we may lock in our corn or ethanol price without having a corresponding locked in ethanol or corn price for short durations of time. As a result of the relatively short period of time our contracts cover, we generally cannot predict the future movements in the crush spread for more than two months. Approximately 1% of our forecasted ethanol, approximately 7% of our forecasted distillers grains and approximately 12% of our forecasted non-food grade corn oil production during the next 12 months have been sold under fixed-price contracts. The effect of a 10% adverse change in the price of ethanol, distillers grains and non-food grade corn oil from the current pricing would result in a decrease in annual revenues of approximately $43.4 million for the remaining forecasted sales. Similarly, approximately 1% of our estimated corn usage for the next 12 months was subject to fixed-price contracts. The effect of a 10% adverse change in the price of corn from the current pricing would result in an increase in annual cost of goods sold of approximately $32.7 million for the remaining forecasted grain purchases. Approximately 2% of our estimated natural gas usage for the next 12 months was subject to fixed-price contracts. The effect of a 10% adverse change in the price of natural gas from the current pricing would result in an increase in annual cost of goods sold of approximately $1.7 million for the remaining forecasted natural gas purchases.

Selling, general and administrative expenses for the first quarter of fiscal year 2016 were approximately $4.0 million, compared to approximately $4.5 million for the first quarter of fiscal year 2015. The majority of the fluctuation in expenses results from lower incentive compensation, professional fees and rail car lease charges in the first quarter of fiscal year 2016 compared to the first quarter of fiscal year 2015.

During the first quarters of fiscal years 2016 and 2015, we recognized income of approximately $0.2 million and $1.5 million, respectively, from our equity investments. Effective June 1, 2015, a merger between Patriot and CHS occurred in which our ownership interest in Patriot was sold; thus we ceased recording income from Patriot using the equity method of accounting. Income from Big River was approximately $0.2 million and $1.0 million during the first quarters of fiscal years 2016 and 2015, respectively. Income from Patriot was approximately $0.5 million in the first quarter of fiscal year 2015. Big River has interests in four ethanol production plants and has an effective ownership of ethanol gallons shipped in the trailing twelve months ended April 30, 2016 of approximately 351 million gallons. Big River’s results in fiscal year 2016 were negatively impacted from commodity pricing and related hedging activities. Due to the inherent volatility of the crush spread, we cannot predict the likelihood of future operating results from Big River being similar to historical results.

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. During the first quarter of fiscal year 2016, we received proceeds of approximately $2.3 million as partial payment for certain escrow holdbacks and adjustments to the purchase price. As a result, we recognized approximately $0.2 million as gain on sale of investment during the first quarter of fiscal year 2016. At April 30, 2016, we have approximately $2.3 million in accounts receivable on the accompanying Consolidated Balance Sheet related to estimated escrow proceeds that were previously recognized as income. We expect that a determination of the final payment of escrowed proceeds to be received will occur by December 31, 2016.

Gain on disposal of property and equipment, net of approximately $0.5 million during the first quarter of fiscal year 2015 related to two real estate properties sold. There were no such property sales during the first quarter of fiscal year 2016.

Interest and other income was insignificant for the first quarters of fiscal years 2016 and 2015. We expect interest and other income to remain consistent with fiscal year 2015 levels for the remainder of fiscal year 2016.

As a result of the foregoing, income before income taxes was approximately $5.0 million for the first quarter of fiscal year 2016 versus approximately $6.9 million for the first quarter of fiscal year 2015.

Our effective tax rate was 30.4% and 35.2% for the first quarters of fiscal years 2016 and 2015, respectively. The reduction in the effective tax rate primarily relates to a change in the apportionment of income to certain states and the impact of noncontrolling interests. We expect our effective tax rate to approximate 30-35% (gross of noncontrolling interests) in future periods.

As a result of the foregoing, net income was approximately $3.5 million for the first quarter of fiscal year 2016 versus approximately $4.4 million for the first quarter of fiscal year 2015.

Income related to noncontrolling interests was approximately $0.6 million and approximately $0.5 million during the first quarters of fiscal years 2016 and 2015, respectively. These amounts represent the owners’ (other than us) share of the income or loss of NuGen, One Earth and Future Energy.

As a result of the foregoing, net income attributable to REX common shareholders for the first quarter of fiscal year 2016 was approximately $2.8 million, a decrease of approximately $1.1 million from approximately $3.9 million for the first quarter of fiscal year 2015.

Liquidity and Capital Resources

Net cash used in operating activities was approximately $5.7 million for the first quarter of fiscal year 2016, compared to cash provided of approximately $5.3 million for the first quarter of fiscal year 2015. For the first quarter of fiscal year 2016, cash was provided by net income of approximately $3.5 million and adjustments of approximately $4.4 million, which consist of depreciation, impairment charges and amortization, income from equity method investments and gain on sale of investment. An increase in the balance of accounts receivable used cash of approximately $1.8 million, which was primarily a result of the timing of customer shipments and payments. An increase in the balance of inventories used cash of approximately $8.6 million, which was primarily a result of the timing of receipt of raw materials as we took advantage of purchasing opportunities that existed during the first quarter of fiscal year 2016. A decrease in the balance of accounts payable used cash of approximately $2.3 million, which was primarily a result of the timing of inventory receipts and vendor payments. Other liabilities decreased approximately $2.5 million, which was primarily a result of the payments of accrued payroll and incentive compensation balances.

Net cash provided by operating activities was approximately $5.3 million for the first quarter of fiscal year 2015. For the first quarter of fiscal year 2015, cash was provided by net income of approximately $4.4 million, adjusted for non-cash items of approximately $3.0 million, which consisted of depreciation, impairment charges and amortization, income from equity method investments and gain on disposal of property and equipment. Dividends received from our equity method investees were approximately $3.6 million in the first quarter of fiscal year 2015. An increase in the balance of accounts receivable used cash of approximately $1.1 million, which was primarily a result of the timing of customer shipments and payments. An increase in the balance of inventories used cash of approximately $1.5 million, which was primarily a result of the timing of receipt of raw materials. A decrease in other assets provided cash of approximately $2.1 million, primarily related to refundable income taxes being used to satisfy quarterly payment requirements. A decrease in the balance of accounts payable used cash of approximately $1.6 million, which was primarily a result of normal variations in vendor shipments and payments. Other liabilities decreased approximately $3.6 million, which was primarily a result of the payments of accrued payroll and incentive compensation balances.

At April 30, 2016, working capital was approximately $159.1 million, consistent with approximately $159.7 million at January 31, 2016. The ratio of current assets to current liabilities was 12.3 to 1 at April 30, 2016 and 9.1 to 1 at January 31, 2016.

Cash of approximately $2.7 million was used in investing activities for the first quarter of fiscal year 2016, compared to approximately $1.1 million during the first quarter of fiscal year 2015. During the first quarter of fiscal year 2016, we had capital expenditures of approximately $4.5 million, primarily related to improvements at the One Earth and NuGen ethanol plants. We expect to spend between $6.0 million and $10.0 million during the remainder of fiscal year 2016 on various capital projects. During the first quarter of fiscal year 2016, restricted cash increased approximately $0.5 million as a result of increased hedging activities. During the first quarter of fiscal year 2016, we received approximately $2.3 million as partial payment for certain escrow holdbacks and adjustments to the purchase price related to the sale of our equity investment in Patriot.

Cash of approximately $1.1 million was used in investing activities for the first quarter of fiscal year 2015. During the first quarter of fiscal year 2015, we had capital expenditures of approximately $2.5 million, primarily related to improvements at the One Earth and NuGen ethanol plants. During the first quarter of fiscal year 2015, we sold two real estate properties that generated approximately $1.4 million of proceeds.

Cash used in financing activities totaled approximately $5.0 million for the first quarter of fiscal year 2016. There was no cash used in or provided by financing activities during the first quarter of fiscal year 2015. During the first quarter of fiscal year 2016, we used cash of approximately $4.7 million to purchase approximately 95,000 shares of our common stock in open market transactions. During the first quarter of fiscal year 2016, we used cash of approximately $0.3 million to purchase shares from noncontrolling members of One Earth; we do not expect such payments to be significant for the remainder of fiscal year 2016.

We are investigating various uses of our excess cash. We have a stock buyback program, and given our current authorization level, can repurchase a total of approximately 155,000 shares. We do not currently plan to build a new ethanol plant. We also plan to seek and evaluate other various investment opportunities including energy related, agricultural or other ventures we believe fit our investment criteria.

Effective April 1, 2016, One Earth and NuGen each entered into $10.0 million revolving loan facilities that mature April 1, 2017. Any borrowings will be secured by assets of One Earth or NuGen.

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 as of April 30, 2016. One Earth and NuGen are also subject to certain financial covenants under the revolving loan facilities, including working capital requirements. The specific covenant requirements, descriptions and calculated ratios and amounts at April 30, 2016 are as follows:

Maintain working capital of at least $5 million.

At April 30, 2016, working capital at One Earth and NuGen was approximately $61.7 million and $40.2 million, respectively.

One Earth and NuGen were in compliance with all covenants, as applicable, at April 30, 2016.

Forward-Looking Statements

This Form 10-Q contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, gasoline, natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather and the effects of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by law. Other factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016 (File No. 001-09097).

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to the impact of market fluctuations associated with commodity prices as discussed below.

We manage a portion of our risk with respect to the volatility of commodity prices inherent in the ethanol industry by using forward purchase and sale contracts. At April 30, 2016, One Earth and NuGen combined have purchase commitments for approximately 14.0 million bushels of corn, the principal raw material for their ethanol plants. One Earth and NuGen expect to take delivery of the corn through June 2016. At April 30, 2016, One Earth and NuGen have combined sales commitments for approximately 47.1 million gallons of ethanol, approximately 52,000 tons of distillers grains and approximately 8.1 million pounds of non-food grade corn oil. One Earth and NuGen expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2016. Approximately 1% of our forecasted ethanol sales during the next 12 months have been sold under fixed-price contracts. As a result, the effect of a 10% adverse move in the price of ethanol from the current pricing would result in a decrease in annual revenues of

approximately $33.6 million. Approximately 7% of our forecasted distillers grains sales during the next 12 months have been sold under fixed-price contracts. As a result, the effect of a 10% adverse move in the price of distillers grains from the current pricing would result in a decrease in annual revenues of approximately $7.8 million. Approximately 12% of our forecasted non-food grade corn oil sales during the next 12 months have been sold under fixed-price contracts. As a result, the effect of a 10% adverse move in the price of non-food grade corn oil from the current pricing would result in a decrease in annual revenues of approximately $1.6 million. Similarly, approximately 1% of our estimated corn usage for the next 12 months was subject to fixed-price contracts. As a result, the effect of a 10% adverse move in the price of corn from the current pricing would result in an increase in annual cost of goods sold of approximately $32.7 million. Approximately 2% of our estimated natural gas usage for the next 12 months was subject to fixed-price contracts. As a result, the effect of a 10% adverse move in the price of natural gas from the current pricing would result in an increase in annual cost of goods sold of approximately $1.7 million.

Item 4. Controls and Procedures

Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures, as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not party to any legal proceedings that we believe would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.

Item 1A. Risk Factors

During the quarter ended April 30, 2016, there have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended January 31, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Dividend Policy

REX did not pay dividends in the current or prior years. We currently have no restrictions on the payment of dividends. Our consolidated and unconsolidated ethanol subsidiaries have certain restrictions on their ability to pay dividends to us. During the first three months of fiscal year 2016, neither One Earth nor NuGen paid dividends.

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
February 1-29, 2016		87,904	$	49.52		87,904		155,334
March 1-31, 2016		—		—		—		155,334
April 1-30, 2016		—		—		—		155,334
Total		87,904	$	49.52		87,904		155,334

(1)

On August 26, 2015, our Board of Directors increased our share repurchase authorization by an additional 500,000 shares. At April 30, 2016, a total of 155,334 shares remained available to purchase under this authorization.

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits.

The following exhibits are filed with this report:

Rule 13a-14(a)/15d-14(a) Certifications

Section 1350 Certifications

101

The following information from REX American Resources Corporation Quarterly Report on Form 10-Q for the quarter ended April 30, 2016, formatted in XBRL: (i) Consolidated Condensed Balance Sheets, (ii) Consolidated Condensed Statements of Operations, (iii) Consolidated Condensed Statements of Equity, (iv) Consolidated Condensed Statements of Cash Flows and (v) Notes to Consolidated Condensed Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

REX American Resources Corporation Registrant

Signature	Title	Date

/s/ Zafar Rizvi	Chief Executive Officer and President
(Zafar Rizvi)	(Chief Executive Officer)	June 3, 2016

/s/ Douglas L. Bruggeman	Vice President, Finance and Treasurer
(Douglas L. Bruggeman)	(Chief Financial Officer)	June 3, 2016

EX-31 2 c85149_ex31.htm

Exhibit 31

CERTIFICATIONS

I, Zafar Rizvi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of REX American Resources Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: June 3, 2016

	/s/ Zafar Rizvi
	Zafar Rizvi
	Chief Executive Officer and President

CERTIFICATIONS

I, Douglas L. Bruggeman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of REX American Resources Corporation;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: June 3, 2016

	/s/ Douglas L. Bruggeman
	Douglas L. Bruggeman
	Vice President, Finance, Treasurer and Chief Financial Officer

EX-32 3 c85149_ex32.htm

Exhibit 32

REX American Resources Corporation
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officers of REX American Resources Corporation (the “Company”) hereby certify, to their knowledge, that the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2016 which this certificate accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained therein fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ Zafar Rizvi
Zafar Rizvi
Chief Executive Officer and President

/s/ Douglas L. Bruggeman
Douglas L. Bruggeman
Vice President, Finance, Treasurer and Chief Financial Officer

Date: June 3, 2016

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634000 REX AMERICAN RESOURCES Corp 10-Q --01-31 6560527 false 0000744187 Yes No Accelerated Filer No 2016 Q1 2016-04-30

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, 2016 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, 2016 (fiscal year 2015). 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, 2016. 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.

3 2

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 2015 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. Financial Instruments 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 Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” 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. 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. 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. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. 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 no income taxes during the three months ended April 30, 2016 or 2015. As of April 30, 2016 and January 31, 2016, total unrecognized tax benefits were approximately $987,000. There were no accrued penalties and interest at April 30, 2016 or January 31, 2016. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $987,000. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. 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 April 30, 2016 and January 31, 2016. 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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt; text-indent: -10pt">Ethanol and other finished goods</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">4,945</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">3,105</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Work in process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,711</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,652</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Grain and other raw materials</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">18,076</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">11,421</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">25,732</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">17,178</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> 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 2 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were no impairment charges in the first quarter of fiscal year 2016 and approximately $125,000 of impairment charges in the first quarter of fiscal year 2015. The impairment charges are related to unfavorable changes in real estate conditions in local markets. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. 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). 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” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) (through May 31, 2015 – see Note 12 for a discussion of the sale of the Company’s equity interest in Patriot) using the equity method of accounting and includes the results of these entities on a delayed basis of one month as they have a fiscal year end of December 31. 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 In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “Improvements to Employee share-Based Payment Accounting”. This standard simplifies the accounting treatment for excess tax benefits and deficiencies, forfeitures, and cash flow considerations related to share-based compensation. This standard is effective for annual and interim periods beginning after December 15, 2016. The Company has not determined the effect of this standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01. “Recognition and Measurement of Financial Assets and Financial Liabilities”. This standard provides guidance for the recognition, measurement, presentation and disclosure of financial instruments. This ASU is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted. The Company has not determined the effect of this standard on its consolidated financial statements and related disclosures.

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 2015 Annual Report on Form 10-K.

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 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.

The Company includes non-production related costs such as professional fees, selling charges and certain payroll in selling, general and administrative expenses.

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 Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” 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. 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. 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. The Company does not hold or issue derivative financial instruments for trading or speculative purposes.

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.

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 no income taxes during the three months ended April 30, 2016 or 2015. As of April 30, 2016 and January 31, 2016, total unrecognized tax benefits were approximately $987,000. There were no accrued penalties and interest at April 30, 2016 or January 31, 2016. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $987,000. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

987000

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 April 30, 2016 and January 31, 2016. 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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt; text-indent: -10pt">Ethanol and other finished goods</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">4,945</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">3,105</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Work in process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,711</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,652</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Grain and other raw materials</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">18,076</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">11,421</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">25,732</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">17,178</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

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 2 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were no impairment charges in the first quarter of fiscal year 2016 and approximately $125,000 of impairment charges in the first quarter of fiscal year 2015. The impairment charges are related to unfavorable changes in real estate conditions in local markets. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. 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).

Depreciation is computed using the straight-line method.

P15Y

P40Y

P2Y

P20Y

125000

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” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) (through May 31, 2015 – see Note 12 for a discussion of the sale of the Company’s equity interest in Patriot) using the equity method of accounting and includes the results of these entities on a delayed basis of one month as they have a fiscal year end of December 31. 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.

0.20

The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “Improvements to Employee share-Based Payment Accounting”. This standard simplifies the accounting treatment for excess tax benefits and deficiencies, forfeitures, and cash flow considerations related to share-based compensation. This standard is effective for annual and interim periods beginning after December 15, 2016. The Company has not determined the effect of this standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01. “Recognition and Measurement of Financial Assets and Financial Liabilities”. This standard provides guidance for the recognition, measurement, presentation and disclosure of financial instruments. This ASU is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted. The Company has not determined the effect of this standard on its consolidated financial statements and related disclosures.

The components of inventory are as follows as of the dates presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt; text-indent: -10pt">Ethanol and other finished goods</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">4,945</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">3,105</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Work in process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,711</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,652</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Grain and other raw materials</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">18,076</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">11,421</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">25,732</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">17,178</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

4945000

3105000

2711000

2652000

18076000

11421000

Note 3. Leases At April 30, 2016, 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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Years Ended January 31,</td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">Minimum Rentals</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%">Remainder of 2017</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">5,505</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,575</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,845</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,341</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,778</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px">Thereafter</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">4,169</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">29,213</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

At April 30, 2016, 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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Years Ended January 31,</td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">Minimum Rentals</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%">Remainder of 2017</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">5,505</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,575</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,845</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,341</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,778</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px">Thereafter</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">4,169</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">29,213</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

5505000

6575000

5845000

4341000

2778000

4169000

29213000

Note 4. Fair Value The Company applies ASC 820, “Fair Value Measurements and Disclosures”, (“ASC 820”) which provides a framework for measuring fair value under accounting principles generally accepted in the United States of America. 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 certain cash equivalents, investments and derivative instruments at fair value. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. The fair values of property and equipment are determined by using various models that discount future expected cash flows. To ensure the prudent application of estimates and management judgement in determining the fair value of derivative assets and liabilities, investments and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2016 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 1</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 2</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 3</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Fair Value</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left; text-indent: -10pt; padding-left: 10pt">Commodity futures (1)</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">92</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">92</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Investment in cooperative (2)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">333</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">333</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">92</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">333</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">425</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Forward purchase contract liability (3)</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2016 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 1</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 2</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 3</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Fair Value</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Investment in cooperative (2)</td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">—</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">—</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">333</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">333</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts liability (3)</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">312</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">312</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> (1) Commodity futures 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 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. There were no assets measured at fair value on a non-recurring basis at April 30, 2016 or January 31, 2016.

Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2016 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 1</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 2</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 3</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Fair Value</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left; text-indent: -10pt; padding-left: 10pt">Commodity futures (1)</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">92</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">92</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Investment in cooperative (2)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">333</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">333</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">92</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">333</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">425</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Forward purchase contract liability (3)</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 1</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 2</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Level 3</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Fair Value</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Investment in cooperative (2)</td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">—</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">—</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">333</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 3px double; text-align: right">333</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts liability (3)</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">312</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">—</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">312</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>(1) Commodity futures 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.

92000

333000 333000

92000

333000

425000

3000 3000 333000 333000 312000 312000

Note 5. Property and Equipment The components of property and equipment are as follows for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Land and improvements</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">21,598</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">21,598</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Buildings and improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,543</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,543</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Machinery, equipment and fixtures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">240,893</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">237,735</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Construction in progress</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">6,936</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">6,094</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">293,970</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,970</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: accumulated depreciation</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(104,761</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(99,994</td> <td style="padding-bottom: 1px; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">189,209</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">189,976</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

The components of property and equipment are as follows for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Land and improvements</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">21,598</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">21,598</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Buildings and improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,543</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,543</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Machinery, equipment and fixtures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">240,893</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">237,735</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Construction in progress</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">6,936</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">6,094</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">293,970</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,970</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: accumulated depreciation</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(104,761</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(99,994</td> <td style="padding-bottom: 1px; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">189,209</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">189,976</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

21598000

24543000

240893000

237735000

6936000

6094000

293970000

289970000

104761000

99994000

Note 6. Other Assets The components of other assets are as follows for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Real estate taxes refundable</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">5,091</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">5,091</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">Deposits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">664</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">664</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">937</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">887</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">6,692</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">6,642</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> Real estate taxes refundable represent amounts due One Earth associated with refunds of previously paid taxes in connection with a tax increment financing arrangement with local taxing authorities. Deposits are with utility and other vendors.

The components of other assets are as follows for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Real estate taxes refundable</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">5,091</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">5,091</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">Deposits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">664</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">664</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">937</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">887</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">6,692</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">6,642</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

5091000 5091000

664000

937000

887000

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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued utility charges</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,695</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">2,094</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued payroll and related items</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,732</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,760</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued real estate taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,703</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,564</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">828</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">1,005</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">6,958</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">9,423</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued utility charges</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,695</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">2,094</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued payroll and related items</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,732</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,760</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued real estate taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,703</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,564</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">828</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">1,005</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">6,958</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">9,423</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

1695000

2094000

1732000

3760000

2703000

2564000

828000

1005000

Note 8. Revolving Lines of Credit Effective April 1, 2016, One Earth and NuGen each entered into $10.0 million revolving loan facilities that mature April 1, 2017. 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 three months ended April 30, 2016. 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.

10000000

2017-04-01

LIBOR rate plus 250 basis points

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 three months ended April 30, 2016: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Non-Vested Shares</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Weighted-Average Grant Date Fair Value (in thousands)</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Weighted- Average Vesting Term (in years)</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 46%; text-indent: -10pt; padding-left: 10pt"> Non-Vested at January 31, 2016</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">3,168</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">200</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at April 30, 2016</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">3,168</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">200</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: center">2</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> At April 30, 2016, unrecognized compensation cost related to nonvested restricted stock was approximately $121,000.

550000

121000

The following table summarizes non-vested stock award activity for the three months ended April 30, 2016: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Non-Vested Shares</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Weighted-Average Grant Date Fair Value (in thousands)</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Weighted- Average Vesting Term (in years)</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 46%; text-indent: -10pt; padding-left: 10pt"> Non-Vested at January 31, 2016</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">3,168</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">200</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Vested</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non-Vested at April 30, 2016</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">3,168</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">200</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: center">2</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

3168000

200000

3168000

200000

P2Y

Note 10. Derivative Financial Instruments The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements and forward purchase (corn) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">Asset Derivatives</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Liability Derivatives</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">Fair Value at April 30,</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Fair Value at April 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity futures (1)</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">93</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">8</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts (2)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> </table> (1) Commodity futures are included in other prepaid expense and other current assets. These futures contracts are for approximately 2.5 million bushels of corn at April 30, 2016 and approximately 35,000 bushels of corn at April 30, 2015. (2) Forward purchase contracts are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 0.6 million bushels of corn. As of April 30, 2016, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset positions amounts owed or owing with the same counterparty. As of April 30, 2016, the gross positions of the enforceable master netting agreements are not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. As of April 30, 2016, the Company was required to maintain collateral with the counterparty in the amount of approximately $520,000 to secure the Company’s derivative liability position. See Note 4 which contains fair value information related to derivative financial instruments. Gains of approximately $488,000 for the first quarter of fiscal year 2016 on the Company’s derivative financial instruments were included in cost of sales on the Consolidated Condensed Statements of Operations. There were no gains or losses for the first quarter of fiscal year 2015.

2500000

35000

600000

520000

488000

The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">Asset Derivatives</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Liability Derivatives</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">Fair Value at April 30,</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Fair Value at April 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity futures (1)</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">93</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">8</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Forward purchase contracts (2)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> </table>(1) Commodity futures are included in other prepaid expense and other current assets. These futures contracts are for approximately 2.5 million bushels of corn at April 30, 2016 and approximately 35,000 bushels of corn at April 30, 2015.(2) Forward purchase contracts are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 0.6 million bushels of corn.

93000

8000

3000

Note 11. Net Income Per Share Attributable to REX Common Shareholders The following table reconciles the computation of basic and diluted net income per share for the periods presented (in thousands, except per share amounts): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="10" style="text-align: center">Three Months Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid">April 30, 2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Income</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Shares</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Per Share</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Income</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Shares</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Per Share</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Basic net income per share attributable to REX common shareholders</td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left">$</td> <td style="width: 6%; padding-bottom: 3px; text-align: right">2,838</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 6%; padding-bottom: 3px; text-align: right">6,573</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 6%; border-bottom: Black 3px double; text-align: right">0.43</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left">$</td> <td style="width: 6%; padding-bottom: 3px; text-align: right">3,927</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 6%; padding-bottom: 3px; text-align: right">7,900</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 6%; border-bottom: Black 3px double; text-align: right">0.50</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Effect of restricted stock</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">21</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px; text-align: right"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px; text-align: right"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Diluted net income per share attributable to REX common shareholders</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">2,838</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">6,594</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">0.43</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3,927</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">7,900</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">0.50</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> For the three months ended April 30, 2016, all shares subject to outstanding restricted stock awards were dilutive. For the three months ended April 30, 2015, there were no shares subject to outstanding restricted stock awards and options.

The following table reconciles the computation of basic and diluted net income per share for the periods presented (in thousands, except per share amounts): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="10" style="text-align: center">Three Months Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1px solid">April 30, 2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Income</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Shares</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Per Share</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Income</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Shares</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Per Share</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Basic net income per share attributable to REX common shareholders</td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left">$</td> <td style="width: 6%; padding-bottom: 3px; text-align: right">2,838</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 6%; padding-bottom: 3px; text-align: right">6,573</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 6%; border-bottom: Black 3px double; text-align: right">0.43</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left">$</td> <td style="width: 6%; padding-bottom: 3px; text-align: right">3,927</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 6%; padding-bottom: 3px; text-align: right">7,900</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> <td style="width: 2%; padding-bottom: 3px"> </td> <td style="width: 1%; border-bottom: Black 3px double; text-align: left">$</td> <td style="width: 6%; border-bottom: Black 3px double; text-align: right">0.50</td> <td style="width: 1%; padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Effect of restricted stock</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">21</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px; text-align: right"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px; text-align: right"> </td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Diluted net income per share attributable to REX common shareholders</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">2,838</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">6,594</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">0.43</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3,927</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">7,900</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">0.50</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

2838000

0.43

3927000

0.50

21000

2838000

0.43

3927000

0.50

Note 12. Investments The following table summarizes equity method investments at April 30, 2016 and January 31, 2016 (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Entity</td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center">Ownership Percentage</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Carrying Amount April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Carrying Amount January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="width: 38%; text-align: left; text-indent: -10pt; padding-left: 10pt">Big River</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">9.7</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">38,940</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">38,707</td> <td style="width: 1%; text-align: left"> </td> </tr> </table> The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Big River</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">233</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,007</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Patriot (sold June 1, 2015)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">473</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">233</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1,480</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> Undistributed earnings of the equity method investee totaled approximately $18.9 million and $18.7 million at April 30, 2016 and January 31, 2016, respectively. During the first quarter of fiscal year 2015, the Company received dividends from equity method investees of approximately $3.6 million. The Company did not receive dividends from the equity method investee in the first quarter of fiscal year 2016. 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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30, 2016</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30, 2015</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Patriot (1)</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Big River</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Patriot (1)</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Big River</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left">Net sales and revenue</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">183,571</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">63,239</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">184,806</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,870</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,818</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,805</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income from continuing operations</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2,404</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,779</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,377</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2,404</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,779</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,377</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 3pt"></td> <td style="width: 18pt">(1)</td> <td>The Company’s equity interest in Patriot was sold June 1, 2015.</td> </tr> </table> Big River has debt agreements that limit amounts Big River can pay in the form of dividends or advances to owners. The restricted net assets of Big River at April 30, 2016 and January 31, 2016 are approximately $309.9 million and $306.3 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. During the first quarter of fiscal year 2016, the Company received proceeds of approximately $2.3 million as partial payment for certain escrow holdbacks and adjustments to the purchase price. As a result, the Company recognized approximately $0.2 million as gain on sale of investment during the first quarter of fiscal year 2016. At April 30, 2016, the Company has approximately $2.3 million in accounts receivable on the accompanying Consolidated Condensed Balance Sheet related to estimated escrow proceeds that were recognized as income. The Company expects that a determination of the final payment of escrowed proceeds to be received will occur by December 1, 2016.

18900000

18700000

3600000

309900000

306300000

1.00

2300000

200000

2300000

The following table summarizes equity method investments at April 30, 2016 and January 31, 2016 (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Entity</td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center">Ownership Percentage</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Carrying Amount April 30, 2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Carrying Amount January 31, 2016</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="width: 38%; text-align: left; text-indent: -10pt; padding-left: 10pt">Big River</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">9.7</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">38,940</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">38,707</td> <td style="width: 1%; text-align: left"> </td> </tr> </table>

0.097

38940000

38707000

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Big River</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">233</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,007</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Patriot (sold June 1, 2015)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">473</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">233</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1,480</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

233000

1007000

473000

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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30, 2016</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30, 2015</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Patriot (1)</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Big River</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Patriot (1)</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Big River</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: left">Net sales and revenue</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">183,571</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">63,239</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">184,806</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,870</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,818</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,805</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income from continuing operations</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2,404</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,779</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,377</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2,404</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,779</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,377</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 3pt"></td> <td style="width: 18pt">(1)</td> <td>The Company’s equity interest in Patriot was sold June 1, 2015.</td> </tr> </table>

183571000

63239000

184806000

5870000

3818000

10805000

2404000

1779000

10377000

2404000

1779000

10377000

Note 13. Income Taxes The effective tax rate on consolidated pre-tax income was 30.4% for the three months ended April 30, 2016, and 35.2% for the three months ended April 30, 2015. The reduction in the effective tax rate primarily relates to a change in the apportionment of income to certain states and the impact of noncontrolling interests. 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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%">Unrecognized tax benefits, January 31, 2016</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">987</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes for prior years’ tax positions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px">Unrecognized tax benefits, April 30, 2016</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">987</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

0.304

0.352

A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 78%">Unrecognized tax benefits, January 31, 2016</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">987</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes for prior years’ tax positions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px">Unrecognized tax benefits, April 30, 2016</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">987</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

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 14.0 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through June 2016. One Earth and NuGen have combined sales commitments for approximately 47.1 million gallons of ethanol, approximately 52,000 tons of distillers grains and approximately 8.1 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2016.

14000000 47100000 52000 8100000 They expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2016. Note 15. Net Sales and Revenue The following table summarizes sales for each product and service group for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">April 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Product or Service Category</td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%">Ethanol</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">77,631</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">78,572</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dried distillers grains</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,054</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,251</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-food grade corn oil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,846</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,959</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Modified distillers grains</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,564</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,305</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Other</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">127</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">110</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">100,222</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">105,197</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

The following table summarizes sales for each product and service group for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">April 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Product or Service Category</td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2016</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%">Ethanol</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">77,631</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">78,572</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dried distillers grains</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,054</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,251</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-food grade corn oil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,846</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,959</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Modified distillers grains</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,564</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,305</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Other</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">127</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">110</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">100,222</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">105,197</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

77631000

78572000

17054000

20251000

3846000

3959000

1564000

2305000

127000

110000

100222000

105197000

Note 16. Related-Party Transactions During the first quarters of fiscal year 2016 and 2015, One Earth and NuGen purchased approximately $44.4 million and $38.1 million, respectively, of corn from minority equity investors and board members of those subsidiaries.

44400000

38100000

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(Tables) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Stock-Based Compensation (Tables) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Derivative Financial Instruments (Tables) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Net Income Per Share Attributable to REX Common Shareholders (Tables) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Investments (Tables) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Income Taxes (Tables) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Net Sales and Revenue (Tables) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Consolidated Condensed Financial Statements (Details) link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Accounting Policies (Details) - Schedule of components of inventory link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - Property and Equipment (Details) - Schedule of Property Plant and Equipment link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - Other Assets (Details) - Schedule of Other Assets link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - Revolving Lines of Credit (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - Stock-Based Compensation (Details) link:presentationLink link:definitionLink link:calculationLink 044 - Disclosure - Stock-Based Compensation (Details) - Schedule of Non-Vested Stock Award Activity link:presentationLink link:definitionLink link:calculationLink 045 - Disclosure - Derivative Financial Instruments (Details) link:presentationLink link:definitionLink link:calculationLink 046 - Disclosure - Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments link:presentationLink link:definitionLink link:calculationLink 047 - Disclosure - Net Income Per Share Attributable to REX Common Shareholders (Details) - Schedule of Earnings Per Share, Basic and Diluted link:presentationLink link:definitionLink link:calculationLink 048 - Disclosure - Investments (Details) link:presentationLink link:definitionLink link:calculationLink 049 - Disclosure - Investments (Details) - Schedule of Equity Method Investments link:presentationLink link:definitionLink link:calculationLink 050 - Disclosure - Investments (Details) - Schedule of Income Recognized from Equity Method Investments link:presentationLink link:definitionLink link:calculationLink 051 - Disclosure - Investments (Details) - Schedule of Financial information For Equity Method Investment link:presentationLink link:definitionLink link:calculationLink 052 - Disclosure - Income Taxes (Details) link:presentationLink link:definitionLink link:calculationLink 053 - Disclosure - Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward link:presentationLink link:definitionLink link:calculationLink 054 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:definitionLink link:calculationLink 055 - Disclosure - Net Sales and Revenue (Details) - Schedule of Net Sales and Revenue for Each Product and Service Group link:presentationLink link:definitionLink link:calculationLink 056 - Disclosure - Related-Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 6 rex-20160430_cal.xml EX-101.DEF 7 rex-20160430_def.xml EX-101.LAB 8 rex-20160430_lab.xml Statement of Financial Position [Abstract] Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Restricted cash Accounts receivable Inventory Total Refundable income taxes Prepaid expenses and other Deferred taxes, net Total current assets Property and equipment, net Total Other assets Total Equity method investments Big River Total assets Accounts payable, trade Accrued expenses and other current liabilities Total Total current liabilities Deferred taxes Other long-term liabilities Total long-term liabilities Common stock Paid-in capital Retained earnings Treasury stock Total REX shareholders’ equity Noncontrolling interests Total equity Balance Balance Total liabilities and equity Income Statement [Abstract] Net sales and revenue Cost of sales Gross profit Selling, general and administrative expenses Equity in income of unconsolidated affiliates Income from equity method investments Income From Equity Method Investments Gain on sale of investment Gain on disposal of property and equipment, net Interest and other income Income before income taxes Provision for income taxes Net income Net income Net income including noncontrolling interests Net income attributable to noncontrolling interests Net income attributable to REX common shareholders Weighted average shares outstanding – basic (in Shares) Basic net income per share attributable to REX common shareholders Basic net income per share attributable to REX common shareholders (in Dollars per share) Weighted average shares outstanding – diluted (in Shares) Diluted net income per share attributable to REX common shareholders Diluted net income per share attributable to REX common shareholders (in Dollars per share) Statement of Stockholders' Equity [Abstract] Balance (in Shares) Balance (in Shares) Equity Components [Axis] Common Stock [Member] Treasury Stock [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Noncontrolling Interest [Member] Statement of Cash Flows [Abstract] Depreciation, impairment charges and amortization Gain on disposal of real estate and property and equipment, net Dividends received from equity method investees Proceeds from Equity Method Investment, Dividends or Distributions Stock based compensation expense Accounts receivable Inventories Other assets Accounts payable, trade Other liabilities Net cash (used in) provided by operating activities Capital expenditures Proceeds from sale of investment Proceeds from sale of real estate and property and equipment, net Other Net cash used in investing activities Purchase of stock from noncontrolling interests holders Treasury stock acquired Net cash used in financing activities Non cash investing activities – Accrued capital expenditures Disclosure Text Block [Abstract] Accounting Policies [Abstract] Schedule of components of inventory [Abstract] Ethanol and other finished goods Work in process Grain and other raw materials Leases [Abstract] Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] Remainder of 2017 2018 2019 2020 2021 Thereafter Total Fair Value Disclosures [Abstract] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] Commodity futures (1) Investment in cooperative (2) Total assets Forward purchase contract liability (3) Fair Value, Hierarchy [Axis] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Property, Plant and Equipment [Abstract] Schedule of Property Plant and Equipment [Abstract] Land and improvements Buildings and improvements Machinery, equipment and fixtures Construction in progress Less: accumulated depreciation Disclosure Text Block Supplement [Abstract] Schedule of Other Assets [Abstract] Schedule of accrued expenses and other current liabilities [Abstract] Accrued utility charges Accrued payroll and related items Accrued real estate taxes Other Debt Disclosure [Abstract] Share-based Arrangements with Employees and Nonemployees [Abstract] Schedule of Non-Vested Stock Award Activity [Abstract] Schedule of Fair Values for Derivative Financial Instruments [Abstract] Derivative Instrument [Axis] Commodity Contract [Member] Forward Contracts [Member] Earnings Per Share [Abstract] Schedule of Earnings Per Share, Basic and Diluted [Abstract] Investments And Deposits [Abstract] Schedule of Equity Method Investments [Abstract] Investment, Name [Axis] Big River [Member] Schedule of Income Recognized from Equity Method Investments [Abstract] Patriot [Member] Schedule of Financial information For Equity Method Investment [Abstract] Income Tax Disclosure [Abstract] Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] Unrecognized tax benefits, January 31, 2016 Unrecognized tax benefits, April 30, 2016 Unrecognized Tax Benefits Commitments and Contingencies Disclosure [Abstract] Net Sales And Revenue [Abstract] Schedule of Net Sales and Revenue for Each Product and Service Group [Abstract] Products and Services [Axis] Ethanol [Member] Dried distillers grains [Member] Non-food grade corn oil [Member] Modified distillers grains [Member] Other [Member] Related Party Transactions [Abstract] Assets Current assets: Liabilities and equity: Current liabilities: Long-term liabilities: Equity: REX shareholders’ equity: Treasury stock acquired Treasury stock acquired (in Shares) Stock based compensation expense Noncontrolling interests distribution and other Cash flows from operating activities: Adjustments to reconcile net income to net cash (used in) provided by operating activities: Gain on sale of investment Gain (Loss) on Sale of Investments Changes in assets and liabilities: Cash flows from investing activities: Cash flows from financing activities: Net (decrease) increase in cash and cash equivalents Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Significant Accounting Policies [Text Block] Schedule of Inventory, Current [Table Text Block] Leases of Lessor Disclosure [Text Block] Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Fair Value Disclosures [Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment [Table Text Block] Other Assets Disclosure [Text Block] Schedule of Other Assets [Table Text Block] Real estate taxes refundable Deposits Other Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] Other Current Liabilities [Table Text Block] Debt Disclosure [Text Block] Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] Schedule of Nonvested Share Activity [Table Text Block] Non-Vested Shares Weighted-Average Grant Date Fair Value Weighted-Average Vesting Term Financial Instruments Disclosure [Text Block] Schedule of Derivative Assets at Fair Value [Table Text Block] EX-101.PRE 9 rex-20160430_pre.xml XML 10 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 30, 2016	Jun. 02, 2016
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		6,560,527
Amendment Flag	false
Entity Central Index Key	0000744187
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

XML 11 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Current assets:
Cash and cash equivalents	$ 122,450	$ 135,765
Restricted cash	520	54
Accounts receivable	13,416	13,666
Inventory	25,732	17,178
Refundable income taxes	3,731	5,254
Prepaid expenses and other	6,285	6,407
Deferred taxes, net	1,036	1,036
Total current assets	173,170	179,360
Property and equipment, net	189,209	189,976
Other assets	6,692	6,642
Equity method investments	38,940	38,707
Total assets	408,011	414,685
Current liabilities:
Accounts payable, trade	7,143	10,212
Accrued expenses and other current liabilities	6,958	9,423
Total current liabilities	14,101	19,635
Long-term liabilities:
Deferred taxes	38,304	38,304
Other long-term liabilities	987	987
Total long-term liabilities	39,291	39,291
REX shareholders’ equity:
Common stock	299	299
Paid-in capital	144,856	144,844
Retained earnings	478,712	475,874
Treasury stock	(314,104)	(309,754)
Total REX shareholders’ equity	309,763	311,263
Noncontrolling interests	44,856	44,496
Total equity	354,619	355,759
Total liabilities and equity	$ 408,011	$ 414,685

XML 12 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Net sales and revenue	$ 100,222	$ 105,197
Cost of sales	91,800	96,070
Gross profit	8,422	9,127
Selling, general and administrative expenses	(4,027)	(4,453)
Equity in income of unconsolidated affiliates	233	1,480
Gain on sale of investment	192
Gain on disposal of property and equipment, net		483
Interest and other income	160	218
Income before income taxes	4,980	6,855
Provision for income taxes	(1,514)	(2,416)
Net income	3,466	4,439
Net income attributable to noncontrolling interests	(628)	(512)
Net income attributable to REX common shareholders	$ 2,838	$ 3,927
Weighted average shares outstanding – basic (in Shares)	6,573	7,900
Basic net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.43	$ 0.50
Weighted average shares outstanding – diluted (in Shares)	6,594	7,900
Diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.43	$ 0.50

XML 13 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED 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, 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	4,439				3,927	512
Balance at Apr. 30, 2015	397,403	$ 299	$ (239,557)	144,791	448,365	43,505
Balance (in Shares) at Apr. 30, 2015		29,853	21,954
Balance at Jan. 31, 2016	355,759	$ 299	$ (309,754)	144,844	475,874	44,496
Balance (in Shares) at Jan. 31, 2016		29,853	23,204
Net income	3,466				2,838	628
Treasury stock acquired	(4,353)		$ (4,353)
Treasury stock acquired (in Shares)			88
Stock based compensation expense	15		$ 3	12
Noncontrolling interests distribution and other	(268)					(268)
Balance at Apr. 30, 2016	$ 354,619	$ 299	$ (314,104)	$ 144,856	$ 478,712	$ 44,856
Balance (in Shares) at Apr. 30, 2016		29,853	23,292

XML 14 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Cash flows from operating activities:
Net income including noncontrolling interests	$ 3,466	$ 4,439
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, impairment charges and amortization	4,812	4,956
Income from equity method investments	(233)	(1,480)
Gain on disposal of real estate and property and equipment, net		(483)
Dividends received from equity method investees		3,634
Gain on sale of investment	(192)
Stock based compensation expense	15
Changes in assets and liabilities:
Accounts receivable	(1,833)	(1,133)
Inventories	(8,554)	(1,504)
Other assets	1,589	2,075
Accounts payable, trade	(2,284)	(1,629)
Other liabilities	(2,465)	(3,587)
Net cash (used in) provided by operating activities	(5,679)	5,288
Cash flows from investing activities:
Capital expenditures	(4,474)	(2,507)
Restricted cash	(466)
Proceeds from sale of investment	2,275
Proceeds from sale of real estate and property and equipment, net		1,402
Other	6	6
Net cash used in investing activities	(2,659)	(1,099)
Cash flows from financing activities:
Purchase of stock from noncontrolling interests holders	(268)
Treasury stock acquired	(4,709)
Net cash used in financing activities	(4,977)
Net (decrease) increase in cash and cash equivalents	(13,315)	4,189
Cash and cash equivalents, beginning of period	135,765	137,697
Cash and cash equivalents, end of period	122,450	$ 141,886
Non cash investing activities – Accrued capital expenditures	$ 634

XML 15 R6.htm IDEA: XBRL DOCUMENT

Consolidated Condensed Financial Statements

3 Months Ended

Apr. 30, 2016

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Consolidated Condensed Financial Statements

XML 16 R7.htm IDEA: XBRL DOCUMENT

Accounting Policies

3 Months Ended

Apr. 30, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 2. Accounting Policies

Revenue Recognition

Cost of Sales

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.

Financial Instruments

Income Taxes

Inventories

	April 30, 2016		January 31, 2016

Ethanol and other finished goods	$	4,945	$	3,105
Work in process		2,711		2,652
Grain and other raw materials		18,076		11,421
Total	$	25,732	$	17,178

Property and Equipment

Investments

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

XML 17 R8.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Apr. 30, 2016

Leases [Abstract]

Leases of Lessor Disclosure [Text Block]

Note 3. Leases

Years Ended January 31,	Minimum Rentals

Remainder of 2017	$	5,505
2018		6,575
2019		5,845
2020		4,341
2021		2,778
Thereafter		4,169
Total	$	29,213

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References + Details

XML 18 R9.htm IDEA: XBRL DOCUMENT

Fair Value

3 Months Ended

Apr. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 4. Fair Value

	Level 1		Level 2		Level 3		Fair Value

Commodity futures (1)	$	92	$	—	$	—	$	92
Investment in cooperative (2)		—		—		333		333
Total assets	$	92	$	—	$	333	$	425
Forward purchase contract liability (3)	$	—	$	3	$	—	$	3

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2016 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value

Investment in cooperative (2)	$	—	$	—	$	333	$	333
Forward purchase contracts liability (3)	$	—	$	312	$	—	$	312

(1) Commodity futures 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.

There were no assets measured at fair value on a non-recurring basis at April 30, 2016 or January 31, 2016.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 19 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016			January 31, 2016

Land and improvements	$	21,598		$	21,598
Buildings and improvements		24,543			24,543
Machinery, equipment and fixtures		240,893			237,735
Construction in progress		6,936			6,094
		293,970			289,970
Less: accumulated depreciation		(104,761	)		(99,994	)
Total	$	189,209		$	189,976

XML 20 R11.htm IDEA: XBRL DOCUMENT

Other Assets

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016		January 31, 2016

Real estate taxes refundable	$	5,091	$	5,091
Deposits		664		664
Other		937		887
Total	$	6,692	$	6,642

XML 21 R12.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016		January 31, 2016

Accrued utility charges	$	1,695	$	2,094
Accrued payroll and related items		1,732		3,760
Accrued real estate taxes		2,703		2,564
Other		828		1,005
Total	$	6,958	$	9,423

XML 22 R13.htm IDEA: XBRL DOCUMENT

Revolving Lines of Credit

3 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 8. Revolving Lines of Credit

XML 23 R14.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Apr. 30, 2016

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

	Non-Vested Shares		Weighted-Average Grant Date Fair Value (in thousands)		Weighted- Average Vesting Term (in years)

Non-Vested at January 31, 2016		3,168	$	200
Granted		—		—
Forfeited		—		—
Vested		—		—
Non-Vested at April 30, 2016		3,168	$	200		2

At April 30, 2016, unrecognized compensation cost related to nonvested restricted stock was approximately $121,000.

XML 24 R15.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments

3 Months Ended

Apr. 30, 2016

Disclosure Text Block Supplement [Abstract]

Financial Instruments Disclosure [Text Block]

Note 10. Derivative Financial Instruments

	Asset Derivatives				Liability Derivatives
	Fair Value at April 30,				Fair Value at April 30,
	2016		2015		2016		2015

Commodity futures (1)	$	93	$	8	$	—	$	—
Forward purchase contracts (2)	$	—	$	—	$	3	$	—
Total

(2) Forward purchase contracts are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 0.6 million bushels of corn.

See Note 4 which contains fair value information related to derivative financial instruments.

XML 25 R16.htm IDEA: XBRL DOCUMENT

Net Income Per Share Attributable to REX Common Shareholders

3 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 11. Net Income Per Share Attributable to REX Common Shareholders

The following table reconciles the computation of basic and diluted net income per share for the periods presented (in thousands, except per share amounts):

	Three Months Ended						Three Months Ended
	April 30, 2016						April 30, 2015
	Income		Shares		Per Share		Income		Shares		Per Share
Basic net income per share attributable to REX common shareholders	$	2,838		6,573	$	0.43	$	3,927		7,900	$	0.50

Effect of restricted stock		—		21				—		—

Diluted net income per share attributable to REX common shareholders	$	2,838		6,594	$	0.43	$	3,927		7,900	$	0.50

XML 26 R17.htm IDEA: XBRL DOCUMENT

Investments

3 Months Ended

Apr. 30, 2016

Investments And Deposits [Abstract]

Investments And Deposits [Text Block]

Note 12. Investments

The following table summarizes equity method investments at April 30, 2016 and January 31, 2016 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2016		Carrying Amount January 31, 2016

Big River		9.7	%	$	38,940	$	38,707

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2016		2015

Big River	$	233	$	1,007
Patriot (sold June 1, 2015)		—		473
Total	$	233	$	1,480

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 April 30, 2016				Three Months Ended April 30, 2015
	Patriot (1)		Big River		Patriot (1)		Big River

Net sales and revenue	$	—	$	183,571	$	63,239	$	184,806
Gross profit	$	—	$	5,870	$	3,818	$	10,805
Income from continuing operations	$	—	$	2,404	$	1,779	$	10,377
Net income	$	—	$	2,404	$	1,779	$	10,377

(1)

The Company’s equity interest in Patriot was sold June 1, 2015.

XML 27 R18.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Apr. 30, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 13. Income Taxes

Unrecognized tax benefits, January 31, 2016	$	987
Changes for prior years’ tax positions		—
Changes for current year tax positions		—
Unrecognized tax benefits, April 30, 2016	$	987

XML 28 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Apr. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 14. Commitments and Contingencies

XML 29 R20.htm IDEA: XBRL DOCUMENT

Net Sales and Revenue

3 Months Ended

Apr. 30, 2016

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
	April 30,
Product or Service Category	2016		2015
Ethanol	$	77,631	$	78,572
Dried distillers grains		17,054		20,251
Non-food grade corn oil		3,846		3,959
Modified distillers grains		1,564		2,305
Other		127		110
Total	$	100,222	$	105,197

XML 30 R21.htm IDEA: XBRL DOCUMENT

Related-Party Transactions

3 Months Ended

Apr. 30, 2016

Note 16. Related-Party Transactions

XML 31 R22.htm IDEA: XBRL DOCUMENT

Accounting Policies, by Policy (Policies)

3 Months Ended

Apr. 30, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Revenue Recognition, Policy [Policy Text Block]

Cost of Sales, Policy [Policy Text Block]

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.

Fair Value of Financial Instruments, Policy [Policy Text Block]

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.

Income Tax, Policy [Policy Text Block]

Inventory, Policy [Policy Text Block]

	April 30, 2016		January 31, 2016

Ethanol and other finished goods	$	4,945	$	3,105
Work in process		2,711		2,652
Grain and other raw materials		18,076		11,421
Total	$	25,732	$	17,178

Property, Plant and Equipment, Policy [Policy Text Block]

Investment, Policy [Policy Text Block]

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]

XML 32 R23.htm IDEA: XBRL DOCUMENT

Accounting Policies (Tables)

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016		January 31, 2016

Ethanol and other finished goods	$	4,945	$	3,105
Work in process		2,711		2,652
Grain and other raw materials		18,076		11,421
Total	$	25,732	$	17,178

XML 33 R24.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Apr. 30, 2016

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Years Ended January 31,	Minimum Rentals

Remainder of 2017	$	5,505
2018		6,575
2019		5,845
2020		4,341
2021		2,778
Thereafter		4,169
Total	$	29,213

XML 34 R25.htm IDEA: XBRL DOCUMENT

Fair Value (Tables)

3 Months Ended

Apr. 30, 2016

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 April 30, 2016 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value

Commodity futures (1)	$	92	$	—	$	—	$	92
Investment in cooperative (2)		—		—		333		333
Total assets	$	92	$	—	$	333	$	425
Forward purchase contract liability (3)	$	—	$	3	$	—	$	3

	Level 1		Level 2		Level 3		Fair Value

Investment in cooperative (2)	$	—	$	—	$	333	$	333
Forward purchase contracts liability (3)	$	—	$	312	$	—	$	312

(1) Commodity futures 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.

XML 35 R26.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016			January 31, 2016

Land and improvements	$	21,598		$	21,598
Buildings and improvements		24,543			24,543
Machinery, equipment and fixtures		240,893			237,735
Construction in progress		6,936			6,094
		293,970			289,970
Less: accumulated depreciation		(104,761	)		(99,994	)
Total	$	189,209		$	189,976

XML 36 R27.htm IDEA: XBRL DOCUMENT

Other Assets (Tables)

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016		January 31, 2016

Real estate taxes refundable	$	5,091	$	5,091
Deposits		664		664
Other		937		887
Total	$	6,692	$	6,642

XML 37 R28.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 30, 2016

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):

	April 30, 2016		January 31, 2016

Accrued utility charges	$	1,695	$	2,094
Accrued payroll and related items		1,732		3,760
Accrued real estate taxes		2,703		2,564
Other		828		1,005
Total	$	6,958	$	9,423

XML 38 R29.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2016

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 three months ended April 30, 2016:

	Non-Vested Shares		Weighted-Average Grant Date Fair Value (in thousands)		Weighted- Average Vesting Term (in years)

Non-Vested at January 31, 2016		3,168	$	200
Granted		—		—
Forfeited		—		—
Vested		—		—
Non-Vested at April 30, 2016		3,168	$	200		2

XML 39 R30.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2016

Disclosure Text Block Supplement [Abstract]

Schedule of Derivative Assets at Fair Value [Table Text Block]

	Asset Derivatives				Liability Derivatives
	Fair Value at April 30,				Fair Value at April 30,
	2016		2015		2016		2015

Commodity futures (1)	$	93	$	8	$	—	$	—
Forward purchase contracts (2)	$	—	$	—	$	3	$	—
Total

(2) Forward purchase contracts are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 0.6 million bushels of corn.

XML 40 R31.htm IDEA: XBRL DOCUMENT

Net Income Per Share Attributable to REX Common Shareholders (Tables)

3 Months Ended

Apr. 30, 2016

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 for the periods presented (in thousands, except per share amounts):

	Three Months Ended						Three Months Ended
	April 30, 2016						April 30, 2015
	Income		Shares		Per Share		Income		Shares		Per Share
Basic net income per share attributable to REX common shareholders	$	2,838		6,573	$	0.43	$	3,927		7,900	$	0.50

Effect of restricted stock		—		21				—		—

Diluted net income per share attributable to REX common shareholders	$	2,838		6,594	$	0.43	$	3,927		7,900	$	0.50

XML 41 R32.htm IDEA: XBRL DOCUMENT

Investments (Tables)

3 Months Ended

Apr. 30, 2016

Investments And Deposits [Abstract]

Equity Method Investments [Table Text Block]

The following table summarizes equity method investments at April 30, 2016 and January 31, 2016 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2016		Carrying Amount January 31, 2016

Big River		9.7	%	$	38,940	$	38,707

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 April 30,
	2016		2015

Big River	$	233	$	1,007
Patriot (sold June 1, 2015)		—		473
Total	$	233	$	1,480

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 April 30, 2016				Three Months Ended April 30, 2015
	Patriot (1)		Big River		Patriot (1)		Big River

Net sales and revenue	$	—	$	183,571	$	63,239	$	184,806
Gross profit	$	—	$	5,870	$	3,818	$	10,805
Income from continuing operations	$	—	$	2,404	$	1,779	$	10,377
Net income	$	—	$	2,404	$	1,779	$	10,377

(1)

The Company’s equity interest in Patriot was sold June 1, 2015.

XML 42 R33.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

3 Months Ended

Apr. 30, 2016

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, 2016	$	987
Changes for prior years’ tax positions		—
Changes for current year tax positions		—
Unrecognized tax benefits, April 30, 2016	$	987

XML 43 R34.htm IDEA: XBRL DOCUMENT

Net Sales and Revenue (Tables)

3 Months Ended

Apr. 30, 2016

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
	April 30,
Product or Service Category	2016		2015
Ethanol	$	77,631	$	78,572
Dried distillers grains		17,054		20,251
Non-food grade corn oil		3,846		3,959
Modified distillers grains		1,564		2,305
Other		127		110
Total	$	100,222	$	105,197

XML 44 R35.htm IDEA: XBRL DOCUMENT

Consolidated Condensed Financial Statements (Details)	3 Months Ended
Consolidated Condensed Financial Statements (Details)	Apr. 30, 2016
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

XML 45 R36.htm IDEA: XBRL DOCUMENT

Accounting Policies (Details)	3 Months Ended
Accounting Policies (Details)	Apr. 30, 2016 USD ($)	Jan. 31, 2016 USD ($)	Apr. 30, 2015 USD ($)
Accounting Policies (Details) [Line Items]
Income Taxes Paid	$ 0		$ 0
Unrecognized Tax Benefits	987,000	$ 987,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	0
Inventory Write-down	$ 0	$ 0
Property, Plant and Equipment, Depreciation Methods	Depreciation is computed using the straight-line method.
Impairment of Real Estate	$ 0		$ 125,000
Number of Ethanol Entities Under Majority Ownership Interest	2
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	2 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
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%

XML 46 R37.htm IDEA: XBRL DOCUMENT

Accounting Policies (Details) - Schedule of components of inventory - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Schedule of components of inventory [Abstract]
Ethanol and other finished goods	$ 4,945	$ 3,105
Work in process	2,711	2,652
Grain and other raw materials	18,076	11,421
Total	$ 25,732	$ 17,178

XML 47 R38.htm IDEA: XBRL DOCUMENT

Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands	Apr. 30, 2016 USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
Remainder of 2017	$ 5,505
2018	6,575
2019	5,845
2020	4,341
2021	2,778
Thereafter	4,169
Total	$ 29,213

XML 48 R39.htm IDEA: XBRL DOCUMENT

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($)
$ in Thousands

Apr. 30, 2016

Jan. 31, 2016

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Commodity futures (1)

^[1]

$ 92

Investment in cooperative (2)

^[2]

333

$ 333

Total assets

425

Forward purchase contract liability (3)

^[3]

$ 312

Fair Value, Inputs, Level 1 [Member]

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Commodity futures (1)

^[1]

$ 92

Investment in cooperative (2)

^[2]

Total assets

$ 92

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]

Commodity futures (1)

^[1]

Investment in cooperative (2)

^[2]

Forward purchase contract liability (3)

^[3]

$ 3

$ 312

Fair Value, Inputs, Level 3 [Member]

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Commodity futures (1)

^[1]

Investment in cooperative (2)

^[2]

$ 333

Total assets

$ 333

Forward purchase contract liability (3)

^[3]

[1]	Commodity futures 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.

XML 49 R40.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - Schedule of Property Plant and Equipment - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Schedule of Property Plant and Equipment [Abstract]
Land and improvements	$ 21,598	$ 21,598
Buildings and improvements	24,543	24,543
Machinery, equipment and fixtures	240,893	237,735
Construction in progress	6,936	6,094
	293,970	289,970
Less: accumulated depreciation	(104,761)	(99,994)
Total	$ 189,209	$ 189,976

XML 50 R41.htm IDEA: XBRL DOCUMENT

Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Schedule of Other Assets [Abstract]
Real estate taxes refundable	$ 5,091	$ 5,091
Deposits	664	664
Other	937	887
Total	$ 6,692	$ 6,642

XML 51 R42.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Schedule of accrued expenses and other current liabilities [Abstract]
Accrued utility charges	$ 1,695	$ 2,094
Accrued payroll and related items	1,732	3,760
Accrued real estate taxes	2,703	2,564
Other	828	1,005
Total	$ 6,958	$ 9,423

XML 52 R43.htm IDEA: XBRL DOCUMENT

Revolving Lines of Credit (Details) $ in Millions	3 Months Ended
Revolving Lines of Credit (Details) $ in Millions	Apr. 30, 2016 USD ($)
Debt Disclosure [Abstract]
Line of Credit, Current	$ 10.0
Debt Instrument, Maturity Date	Apr. 01, 2017
Line of Credit Facility, Interest Rate Description	LIBOR rate plus 250 basis points

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 53 R44.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details)	Apr. 30, 2016 USD ($) shares
Share-based Arrangements with Employees and Nonemployees [Abstract]
Common Stock, Capital Shares Reserved for Future Issuance \| shares	550,000
Unrecognized Compensation Cost Related to Nonvested Restricted Stock \| $	$ 121,000

XML 54 R45.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details) - Schedule of Non-Vested Stock Award Activity - $ / shares shares in Thousands, $ / shares in Thousands	3 Months Ended
	Apr. 30, 2016	Jan. 31, 2016
Schedule of Non-Vested Stock Award Activity [Abstract]
Non-Vested Shares	3,168	3,168
Weighted-Average Grant Date Fair Value	$ 200	$ 200
Weighted-Average Vesting Term	2 years

XML 55 R46.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Details)	3 Months Ended
Derivative Financial Instruments (Details)	Apr. 30, 2016 USD ($) bu	Apr. 30, 2015 USD ($) bu
Disclosure Text Block Supplement [Abstract]
Derivative, Nonmonetary Notional Amount, Volume \| bu	2,500,000	35,000
Quantity of Bushels under Forward Purchase Contract \| bu	600,000
Debt Instrument, Collateral Amount \| $	$ 520,000
Gain on Derivative Instruments, Pretax \| $	$ 488,000	$ 0

XML 56 R47.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($)
$ in Thousands

Apr. 30, 2016

Apr. 30, 2015

Commodity Contract [Member]

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items]

Asset Derivatives, Fair Value

^[1]

$ 93

$ 8

Liability Derivatives, Fair Value

^[1]

Forward Contracts [Member]

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items]

Asset Derivatives, Fair Value

^[2]

Liability Derivatives, Fair Value

^[2]

$ 3

[1]	Commodity futures are included in other prepaid expense and other current assets. These futures contracts are for approximately 2.5 million bushels of corn at April 30, 2016 and approximately 35,000 bushels of corn at April 30, 2015.
[2]	Forward purchase contracts are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 0.6 million bushels of corn.

XML 57 R48.htm IDEA: XBRL DOCUMENT

Net Income Per Share 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
	Apr. 30, 2016	Apr. 30, 2015
Schedule of Earnings Per Share, Basic and Diluted [Abstract]
Basic net income per share attributable to REX common shareholders (in Dollars)	$ 2,838	$ 3,927
Basic net income per share attributable to REX common shareholders	6,573	7,900
Basic net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.43	$ 0.50
Effect of restricted stock	21
Diluted net income per share attributable to REX common shareholders (in Dollars)	$ 2,838	$ 3,927
Diluted net income per share attributable to REX common shareholders	6,594	7,900
Diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.43	$ 0.50

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

XML 58 R49.htm IDEA: XBRL DOCUMENT

Investments (Details) - USD ($) $ in Thousands	3 Months Ended
Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 30, 2015	Jan. 31, 2016	Jun. 01, 2015
Investments (Details) [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions		$ (3,634)
Gain (Loss) on Sale of Investments	$ (192)
Related to Estimated Escrow Proceeds [Member]
Investments (Details) [Line Items]
Accounts Receivable, Net	2,300
Patriot And Big River [Member]
Investments (Details) [Line Items]
Retained Earnings, Undistributed Earnings from Equity Method Investees	18,900		$ 18,700
Proceeds from Equity Method Investment, Dividends or Distributions		$ 3,600
Big River [Member]
Investments (Details) [Line Items]
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries	309,900		$ 306,300
Patriot [Member]
Investments (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				100.00%
Proceeds from Payment for Escrow Holdbacks and Adjustments	2,300
Gain (Loss) on Sale of Investments	$ 200

XML 59 R50.htm IDEA: XBRL DOCUMENT

Investments (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Schedule of Equity Method Investments [Line Items]
Big River	$ 38,940	$ 38,707
Big River [Member]
Schedule of Equity Method Investments [Line Items]
Big River	9.70%
Big River	$ 38,940	$ 38,707

XML 60 R51.htm IDEA: XBRL DOCUMENT

Investments (Details) - Schedule of Income Recognized from Equity Method Investments - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Investments (Details) - Schedule of Income Recognized from Equity Method Investments [Line Items]
Income From Equity Method Investments	$ 233	$ 1,480
Big River [Member]
Investments (Details) - Schedule of Income Recognized from Equity Method Investments [Line Items]
Income From Equity Method Investments	$ 233	1,007
Patriot [Member]
Investments (Details) - Schedule of Income Recognized from Equity Method Investments [Line Items]
Income From Equity Method Investments		$ 473

XML 61 R52.htm IDEA: XBRL DOCUMENT

Investments (Details) - Schedule of Financial information For Equity Method Investment - USD ($)
$ in Thousands

3 Months Ended

Apr. 30, 2016

Apr. 30, 2015

Patriot [Member]

Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items]

Net sales and revenue

^[1]

$ 63,239

Gross profit

^[1]

3,818

Income from continuing operations

^[1]

1,779

Net income

^[1]

1,779

Big River [Member]

Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items]

Net sales and revenue

$ 183,571

184,806

Gross profit

5,870

10,805

Income from continuing operations

2,404

10,377

Net income

$ 2,404

$ 10,377

[1]	The Company's equity interest in Patriot was sold June 1, 2015.

XML 62 R53.htm IDEA: XBRL DOCUMENT

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent	30.40%	35.20%

XML 63 R54.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward	Apr. 30, 2016 USD ($)
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract]
Unrecognized tax benefits, January 31, 2016	$ 987,000
Unrecognized tax benefits, April 30, 2016	$ 987,000

XML 64 R55.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details) lb in Millions, gal in Millions, bu in Millions	9 Months Ended
	Oct. 31, 2015	Apr. 30, 2016 T lb bu gal
Commitments and Contingencies (Details) [Line Items]
Quantity of Bushels under Forward Purchase Contract		0.6
One Earth Energy And Nu Gen Energy [Member]
Commitments and Contingencies (Details) [Line Items]
Quantity of Bushels under Forward Purchase Contract		14.0
Quantity of Ethanol under Sales Commitment \| gal		47.1
Quantity of Distillers Grains Under Sales Commitment \| T		52,000
Quantity of Non-food Grade Corn Oil Under Sales Commitments \| lb		8.1
Supply Commitment Expected Period Of Delivery	They expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2016.

XML 65 R56.htm IDEA: XBRL DOCUMENT

Net Sales and Revenue (Details) - Schedule of Net Sales and Revenue for Each Product and Service Group - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Revenue from External Customer [Line Items]
Product or Service	$ 100,222	$ 105,197
Ethanol [Member]
Revenue from External Customer [Line Items]
Product or Service	77,631	78,572
Dried distillers grains [Member]
Revenue from External Customer [Line Items]
Product or Service	17,054	20,251
Non-food grade corn oil [Member]
Revenue from External Customer [Line Items]
Product or Service	3,846	3,959
Modified distillers grains [Member]
Revenue from External Customer [Line Items]
Product or Service	1,564	2,305
Other [Member]
Revenue from External Customer [Line Items]
Product or Service	$ 127	$ 110

XML 66 R57.htm IDEA: XBRL DOCUMENT

Related-Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
One Earth Energy And Nu Gen Energy [Member]
Related-Party Transactions (Details) [Line Items]
Costs and Expenses, Related Party	$ 44.4	$ 38.1

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